Reps, Customs agree on N6trn revenue in 2024

The House of Representatives Committee on Appropriation and the Nigeria Customs Service (NCS) have agreed to work out modalities to increase the service’s 2024 revenue target to N6 trillion.

The decision to jerk up the initial N5 trillion proposed by the NCS as its targeted revenue for 2024 was reached at the resumed interaction of the Appropriation Committees with agencies on Monday, December 11.

The revenue target for the service in 2023 is N3.6 trillion. This shows an increase of 66.6 per cent from the current N6 trillion revenue projections.

Chairman of the committee, Abubakar Bitchi, had, at the budget defence requested the Comptroller General of NCS, Adewale Adeniyi, to come out with strategies for increasing the targeted N5 trillion to N6 trillion, a demand which was accepted.

Bitchi said, “Is there a possibility to increase your revenue? We will be glad if you can make it N6 trillion for the 2024 revenue.

The Customs Boss responded that: “I share the optimism of increasing the revenue to N6 trillion in 2024. So N6 trillion in revenue in 2024 is possible.

Bitchi said President Bola Tinubu’s agenda would not be achieved unless the revenue-generating agencies increased their targeted revenue to fund the N27.5 trillion proposal for 2024.

The Comptroller-General, Adewale Adeniyi, told lawmakers that if the Federal Government was able to review the issue around concession grants in 2024, the NCS might realise the N6 trillion in revenue.

He disclosed that the service had lost N1.8 trillion in 2023 to import duty exemption certificate (IDEC), saying the figure in addition to what NCS generated from January to date, would have enabled it to achieve its revenue target.

“I have seen this well executed in some developing countries, where their customs administration implemented import duty exemption certificate (IDEC) successfully and the benefits are so many in terms of regenerating the economy,  creating employment and  tax development as well as ensuring that we keep our companies in production.”

Adeniyi also said addressing issues around opaque waivers would help achieve the N6 trillion revenue targets.






     

     

    “It is one of those areas where this kind of revenue for 2024 is achievable. If we can get N1.8 trillion in one year, that shows the N6 trillion revenue for 2024 is achievable.

    Addressing the lawmakers, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, emphasised the resolve to step up government revenue to finance the 2024 appropriation.

    He stressed that the proposed budget made provisions for equity and privatisation to shore up revenue.

    “So we would be looking at getting more revenue from across the board of government business, which means the government enterprises, the parastatals as well as looking to private sector investment,” he added.

     

    Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.

    Join the ICIR WhatsApp channel for in-depth reports on the economy, politics and governance, and investigative reports.

    Support the ICIR

    We invite you to support us to continue the work we do.

    Your support will strengthen journalism in Nigeria and help sustain our democracy.

    If you or someone you know has a lead, tip or personal experience about this report, our WhatsApp line is open and confidential for a conversation

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here


    Support the ICIR

    We need your support to produce excellent journalism at all times.

    - Advertisement

    Recent

    - Advertisement