Senate Approves N5.079tr NCS 2024 Budget

The Senate, has passed the 2024 budget of the Nigeria Customs Service (NCS).

The passage of the budget was sequel to the consideration of the report of the Committee on Customs, Excise and Tariffs 2024 Budget of the Nigeria Customs Service submitted by Senator Isah Jibrin representing Kogi East during plenary in Abuja.

Highlight of the budget include revenue collection of ₦5,079,069 trillion and expenditure component of N706,434 billion.

The proposed budget expenditure of N706.434 billion for the 2024 financial year would be utilized as follows:

Personnel Cost N225.99 billion, overhead cost N111.76 billion and capital cost of on-going capital project N148.42 billion new capital projects N220.26 Billion.

The report showed that the NCS has adopted some strategies to raise more revenue for the government.

“There will be intensive revenue recovery drive, using a number of mechanisms. This shall include the Systems Audit (real time auditing), 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 (Shippers Council) for effective monitoring cargo/vessel movement to diversion or theft”.

He told his colleagues that the Service’s anti-smuggling campaign, using all required operational guide as provided within the confines of Customs laws, would be intensified to ensure that illicit trade that creates revenue leakages as well as economic sabotage are reduced to the barest minimum

He noted that the NCS also would prioritize capacity building through training and recruitment of personnel, adding that “this will promote efficiency, intelligence gathering, manpower re-enforcement and most importantly, more revenue generation”.

Senators who contributed during the consideration of the budget in the Committee of the Whole commended the committee and emphasized the important role of NCS in the present economic situation where revenue generation is crucial.

President of the Senate, Godswill Akpabio, commended chairman of the committee, Isah Jibrin, for the professional presentation of the report .

By James Itodo, Edited By Grace Namiji