Senate Approves Customs N5.09 trn Revenue Target, N706.4bn Budget for 2024

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Senate has approved the sum of N5.079 trillion Naira as revenue target and N706.4 billion as budget for the Nigeria Customs Service (NCS) in the 2024 fiscal year.

The approval follows consideration of a report presented by the Committee Chairman on Customs, Excise, and Tariff, Jibrin Isah (APC-Kogi), at plenary.

In his presentation, Isah said service had earmarked personnel cost of N225.99 billion and overhead cost of N111.76 billion, representing 31.99 and 15.82 per cent of the budget.

He further noted that Capital budget stood at N148.42 billion while new projects, which represent 52.19 per cent, stood at N220.26 billion.

“As part of Customs strategy, the provision of the flexible window will help curb illegally imported vehicles and ensure the proper collection of expected import duties and 25 percent penalty charge from such category of transactions.

“Mechanisms such as systems audit, real-time auditing, post clearance auditing, institution of revenue recovery committee and other intelligence gathering tools will ensure intensive revenue recovery drive,”he said.

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Isah said the revised penalties and charges in the new Nigeria Customs Service Act, 2023, he noted, would improve the service’s revenue generation.

On anti-smuggling and cargo tracking, the chairman said the service had indicated that it would collaborate with Shippers Council and other relevant government agencies to decongest and achieve efficient, effective port operations, to yield more revenue.

“As provided within the confines of Customs law, all required operational guides will be utilised to ensure that illicit trade that creates a sphere for revenue leakages, as well as economic sabotage, are reduced to the barest minimum,” he said.

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