|
Getting your Trinity Audio player ready...
|
Senate approves N5trn revenue target, N706bn budget for Customs
The Senate recently approved Nigeria Customs Service’s (NCS) budget for the year 2024, amounting to N706.4 billion, along with a revenue target set at N5.079 trillion. This decision came after careful consideration of the report presented by Senator Isah Jibrin on behalf of the Committee on Customs, Excise, and Tariffs.
Jibrin highlighted various components of the NCS budget, with personnel costs totaling N225.99 billion, overhead costs at N111.76 billion, and ongoing capital projects at N148.42 billion. Additionally, N220.26 billion has been allocated for new capital projects.
“The Service intends to provide flexible windows for the perfection of illegally imported vehicles to ensure the collection of expected import duties and 25% penalty charge from such category of transactions, which will enable the government to realise more revenue.
“There will be intensive revenue recovery drive, using number of mechanisms. These shall include the systems audit, post-clearance auditing, institution of revenue recovery committee and other intelligence gathering tools.
“The revised penalties and charges in the new Nigeria Customs Service Act, 2023 will improve the service’s revenue generation. The service is looking forward to the area of cargo tracking in collaboration with relevant government agency for effective monitoring of cargo/vessel movement to diversion or theft. Decongestion of the nation’s ports is proposed towards efficient and effective port operation that is capable of yielding more revenue.
READ ALSO: Customs CG proposes 2024 budget, vows to elevate revenue, employee welfare (Pictures)
In addition, the service’s anti-smuggling campaign, using all required operational guide as provided within the confines of customs laws, will be intensified. This is to ensure that illicit trade that creates sphere for revenue leakages as well as economic sabotage are reduced to the barest minimum.
“The NCS also will prioritise capacity building through training and recruitment of personnel. This will promote efficiency, intelligence gathering, manpower re-enforcement and most importantly, more revenue generation,” he said.
Senators who contributed during the consideration of the budget in the committee of the whole commended the committee and emphasised the important role of NCS in the present economic situation where revenue generation is crucial.
Senate President, Godswill Akpabio, in his remarks, thanked the chairman of the committee, Isah Jibrin, for the professional way he presented the report by following the laid down procedure for passage of 2024 budget by working with the committee in the House of Representatives thereby removing the need for concurrence by the House.
Follow the Neptune Prime channel on WhatsApp: https://whatsapp.com/channel/0029Va74ZvU2v1IqKByXoX3d
Do you have breaking news, interview request, opinion, suggestion, or want your event covered? Email us at neptuneprime2233@gmail.com
