Customs targets N3.02tr revenue in 2022

The Nigeria Customs Service has set a revenue target of N3.02tn for 2022.

This was disclosed on Thursday by the Comptroller General of the NCS, Colonel Hameed Ali (retd.), while defending the 2022 budget of the agency before the Senate Committee on Customs, Excise and Tariff.

According to him the agency is expecting N2.02tn from the federation, N253.23bn from non-federation, and N746.96bn from import Value Added Tax. He added that this new target is N965.42bn higher than the agency’s target for 2021, and N1.55tn higher that what the National Assembly (N1.47tn) set for revenue generating agencies in 2022.

Ali said the agency has a proposed budget expenditure of N369.14bn for the 2022 fiscal year, which would be partially funded from the 7 per cent cost of collection for 2022 estimated at N151.84bn.

According to him, the target revenue of the agency for the year is high and at risk of hurting the economy if increased any further. He added that the NCS will spend N108.85bn on personnel cost, N45.89bn on overhead cost, and N214.30bn on capital expenditure.

The Chairman of the Senate Committee on Customs, Excise and Tariff, Senator Francis Alimikhena, said the NCS must solve the problem with its scanners if it is to meet its revenue target.