Reps, Customs target N6trn revenue in 2024

The House of Representatives Committee on Appropriation Steel and the Nigeria Customs Service (NCS) have agreed to increase the revenue target of the Service from N5trillion to 6trillion naira for the 2024 fiscal year.

The 2024 Appropriation Bill currently being considered by the National Assembly had a proposal of 5trillion naira as target for the NCS.

The agreement was reached on Monday, when the Comptroller General of Customs, Adewale Adeniyi appeared before the Committee, during which Chairman of the committee, Hon. Abubakar Bichi appealed to Adeniyi for the increase.

Bichi said, “Is there a possibility to increase your revenue? We will be glad if you can make it 6 trillion naira for the 2024 revenue target.”

He pointed out that the renewed hope agenda of President Bola Tinubu would not be achieved unless the revenue-generating agencies increase their targets and work in earnest to achieving them.

Responding, the CG said, “I share the optimism of increasing the revenue to N6 trillion in 2024. So 6 trillion naira in revenue in 2024 is possible.”

He, however, said that if the Federal Government was able to review the issue around concession grants in 2024, the NCS might be able to realize the 6trillion naira revenue target.

According to him, the new law will also help facilitate a number of issues that will make revenue generation possible.

He expressed disappointment on the issue of waivers, saying “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”.

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

He said that when an internal audit was conducted, it showed that the NCS realized over N11 billion from that exercise, adding that there were still a lot of goods yet to be clearedcleared at the ports.