Home Finance Customs Targets N6trn Revenue in 2024

Customs Targets N6trn Revenue in 2024

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The Nigeria Customs Service (NCS) said it would generate N6 trillion in revenue for the Federal Government in 2024.

Adewale Adeniyi, comptroller-general of Customs, disclosed this at the 2024 budget defence before the House of Representatives Committee on Appropriation on Monday in Abuja.

Adeniyi explained that the amount was higher than the N5 trillion originally projected in the budget.

“I share the optimism of increasing the revenue to N6 trillion in 2024. So, N6 trillion revenue in 2024 is possible,’’ he said.

He the service would be able to generate the N6 trillion revenue if the federal government reduced concession grants in 2024.

‘’The new law will also help us to facilitate several issues that will make revenue generation possible,’’ he said.

He faulted frequent import waivers by the government, saying that it was one of the factors that had impeded revenue generation.

‘’If we can get N1.8 trillion in one year that shows the N6 trillion revenue for 2024 is achievable,” he said.

He said many of the goods at the ports were yet to be cleared, adding that when the NCS looked into its system, several bills of laden were not opened.

He said when an internal audit was conducted, it showed that the NCS realised over N11 billion from that exercise, adding that there were still lots of goods yet to be cleared.

Speaking on import duty exemption, Adeniyi said it was usually a presidential order given through the Minister of Finance.

Abubakar Bitchi, chairman of the Committee, commended Adeniyi for his efforts to generate more revenue for the government.

“Is there a possibility to increase your revenue, we will be glad if you can make it N6 trillion for 2024,’’ he said.

Bitchi said the Renewed Hope Agenda of President Bola Tinubu would not be achieved unless the revenue-generating agencies increased their targeted revenue.

He said the 2024 aappropriation bill was laudable, adding that it would only materialise if there was enough money to meet the N27.5 trillion budget.

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