NASS Mandates NCS To Block Revenue Leakages, Increase Revenue

The National Assembly Joint Committee on Finance has mandated the Nigerian Customs Service, NCS, to block revenue leakages and achieve N10.5 trillion in revenue for 2025, significantly higher than the proposed N6.5 trillion.

The committee expressed concerns over under-declaration and other sharp practices at the nation’s ports, emphasizing the need for effective monitoring of NCS personnel.

The Chairman, Senator Sani Musa, in his remarks noted that the new revenue target is achievable, considering available information from the Budget Office of the Federation.

However, the committee threatened to raise the revenue target to N12 trillion if the NCS fails to address the non-remittance of 80% Operating Surplus, as provided by the Fiscal Responsibility Act, 2007.

According to FRC Chairman, Mr. Victor Murako, the NCS is currently indebted to the tune of N8.6 billion while the NCS Comptroller General, Mr. Adeniyi Adewale, promised to address the issue within one or two weeks.

The committee also issued a 48-hour ultimatum to CEOs of key revenue-generating agencies, including the Federal Inland Revenue Service and Nigerian Ports Authority, to appear before the committee or risk funding withdrawal.

Oduyemi Odumade, Edited By Grace Namiji