House, Customs Agree To Jerk Up 2024 Revenue To N6trn

House of Representatives Committee on Appropriation and the Nigeria Customs Service (NCS) have agreed to work out modalities to increase the 2024 revenue target of the Service to N6 trillion.

The decision to jerk up the initial N5 trillion proposed by the NCS as its target for 2024 was reached at the resumed interaction of the Appropriation Committees with agencies yesterday.

The chairman of the committee, Hon Abubakar Bitchi, had asked the comptroller-general of NCS, Adewale Adeniyi, to think of increasing the targeted N5 trillion to N6 trillion, a demand which was accepted.

Bitchi said, “Is there a possibility to increase your revenue? We will be glad if you can make it N6 trillion for the 2024 revenue.”

The Customs boss swiftly responded that: “I share the optimism of increasing the revenue to N6 trillion in 2024. So N6 trillion in revenue in 2024 is possible.”

Bitchi said the renewed hope agenda of President Bola Tinubu would not be achieved unless the revenue-generating agencies increased their targeted revenue to fund the N27.5 trillion proposal for 2024.

Adeniyi told lawmakers that if the federal government was able to review the issue around concession grants in 2024, the NCS might be able to realise the N6 trillion in revenue.

She disclosed that the service had lost N1.8 trillion in 2023 to Import Duty Exemption Certificate (IDEC), saying the figure in addition to what NCS generated from January to date, would have enabled it achieve its revenue target.

"I have seen this well executed in some developing countries, where their customs administration implement IDEC successfully and the benefits are so many in terms of regenerating the economy, in terms of creating employment, in terms of even tax as well as in terms of ensuring that we keep our companies in production,” she said.

While frowning at the issues around waivers, Adeniyi said: “It is one of those areas where this kind of revenue for 2024 is achievable. If we can get N1.8 trillion in one year, that shows the N6 trillion revenue for 2024 is achievable."

She said many of the goods at the ports were yet to be cleared, adding that when the NCS looked into its system, a number of bills were not opened.

Adeniyi said when an internal audit was conducted, it showed that the NCS realised over N11 billion from that exercise, adding that there were still a lot of goods yet to be cleared.

Addressing the lawmakers, the minister of finance and coordinating minister of the economy, Wale Edun, explained the resolve to step up government revenue to finance the 2024 appropriation.

He said, "If you look at the budget, it even indicates that we are looking to equity, to privatisation, even though estimates for revenue from there are relatively modest, but it is the direction to travel and intention that is important.

"So, we would be looking at getting more revenue from across the board of government business, which means the government enterprises, the parastatals as well as looking to private sector investment.

"On the first question on the deficit and funding of the deficit, when we talk of privatisation, I must inform that I am aware that NNPC for one is looking very carefully at its assets and the Ministry of Finance Incorporated is carrying out a very thorough and comprehensive tabulation, valuation and categorisation of all the assets owned by the federal government,” he said.