Nigeria’s Senate has approved a substantial revenue target of N5.079 trillion and a budget of N706.4 billion for the Nigeria Customs Service (NCS) in the 2024 fiscal year.
The approval comes after the presentation of a comprehensive report by Jibrin Isah (APC-Kogi), the Committee Chairman on Customs, Excise, and Tariff, during the plenary on February 15, 2024.
Isah highlighted key budgetary allocations, including personnel costs at N225.99 billion, and overhead costs at N111.76 billion which represents 31.99 and 15.82 per cent of the budget.
Emphasizing the significance of the timely implementation of the 2024 fiscal policy, he expressed confidence in the budget’s ability to support the NCS effectively.
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The chairman, who outlined strategic measures including a flexible window to counter illicitly imported vehicles, ensured proper import duty collection, and impose a 25% penalty charge on such transactions.
Isah also mentioned mechanisms that would help boost revenue recovery efforts.
He added, “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.”
Highlighting the impact of the revised penalties and charges in the new NCS Act of 2023, Isah anticipated a positive effect on revenue generation.
On anti-smuggling and cargo tracking, he expressed the service’s commitment to collaborating with the Shippers Council and relevant government agencies to enhance port operations, aiming for efficiency and increased revenue.
Isah concluded by reaffirming the commitment to utilize all operational guidelines within the Customs law to minimize illicit trade, revenue leakages, and economic sabotage.
