The House of Representatives Committee on Appropriation and the Nigeria Customs Service (NCS) on Monday directed Adewale Adeeniyi, the Comptroller General of NCS, to increase the 2024 revenue target of Customs to N6 trillion as against the initial N5 trillion proposal.
Abubakar Bitchi, Chairman of the Committee after listening to the Comptroller General during the budget defence, noted that the Renewed Hope Agenda of President Bola Tinubu would not be achieved unless the revenue-generating agencies increased their targeted revenue.
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Bitchi stated that the 2024 Appropriation Bill as presented by the president was laudable, adding that it would only materialize if there was enough money to meet the N27.5 trillion proposal.
“Is there a possibility to increase your revenue? We will be glad if you can make it N6 trillion for the 2024 revenue.
Responding, Adewale Adeniyi was of the opinion that if the Federal Government was able to review the issue around concessional grants in 2024, the NCS might be able to realize the N6 trillion in revenue.
According to him, the new law will also help them to facilitate a number of issues that will make revenue generation possible while frowning at the issue around waivers where the revenue for 2024 is achievable.
“I share the optimism of increasing the revenue to N6 trillion in 2024. So N6 trillion in revenue in 2024 is possible.
“If we can get N1.8 trillion in one year, that shows the N6 trillion revenue for 2024 is achievable,” he said.
Speaking on lmport Duty Exception Certificate (IDEC), Adeniyi said that when an internal audit was conducted, it showed that the NCS realized over N11 billion from that exercise, saying there were still a lot of goods yet to be cleared.
He maintained that Customs had revenue sitting in some of the goods yet to be cleared, affirming that in 2023, the service lost N1.8 trillion to the Import Duty Exception Certificate (IDEC), accounted for 18 percent of total revenue.
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Adeniyi said, “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.”
