NCS Falls Short Of Revenue Target

In 2023, the Nigeria Customs Service reported a revenue of N3.21 trillion, falling short of the targeted N3.67 trillion.

The Comptroller General of the Service, Bashir Adeniyi who stated this when he appeared before the House Committee on Customs and Excise to defend the 2024 budget of the service noted that it could not achieve the target due to a combination of factors.

He emphasized that, under favorable conditions, the men and officers of the NCS are committed to diligently generating N5.08 trillion for the nation in 2024.

My Adeniyi listed import of goods under the common external tariff, import duty exemption certificate, naira Redesign policy of the Central Bank of Nigeria and the Spillover effect of the cash crunch as factors that slowed down the economy and contributed to the inability of the service to meet its revenue target for 2023.

The head of the NCS however outlined key factors crucial to achieving financial goals in 2024, which include the need for timely implementation of fiscal policy measures and, the pursuit of the national single window project for streamlined processes.

He also mentioned upcoming initiatives like the Vehicle Registration System and Vehicle Identification Number valuation app to curb undervaluation and enhance revenue collection.

The NCS Boss also told the committee that the service proposed a budget expenditure of N706.43bn in the 2024 fiscal year which will be sourced from
multiple avenues.

Earlier, the Chairman of the Committee, Mr. Leke Abejide pledged the readiness of the Committee to help reposition NCS in its task of realizing its revenue target for the nation.

He charged the NCS boss to prioritise e-customs and the integration of Artificial Intelligence in manning the nation’s border stations.

By Oduyemi Odumade, Edited By Grace Namiji