• Saturday, March 02, 2024
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Reps peg Customs’ spending for 2024 at N706.67bn

Reps peg Customs’ spending for 2024 at N706.67bn

The House of Representatives Committee on Customs and Excise has approved N706.67 billion as the Nigerian Customs Service (NCS) budget for its 2024 operations.

Leke Abejide (ADC-Kogi), the chairman of the committee, stated this after a budget defence session by the NCS management on Wednesday in Abuja.

Abejide said that the committee had the mandate to oversee the fiscal affairs of the NCS and to uphold the principles of good governance.

“Our responsibility extends beyond mere oversight as it encompasses a solemn duty to safeguard the interest of the Nigerian people and ensure that public funds are utilised judiciously for the benefit of all.

“Following a thorough examination of the 2023 budget performance and the 2024 budget proposal, the committee is set to recommend the approval of the Nigeria Customs Service’s projected revenue.

“A two percent share of imports VAT, ongoing capital projects, personnel and operational costs, capital costs, and a total budget of N706,434,216,877.66 for the 2024 fiscal year.

“Additionally, we will stress the importance of substantial provisions for Corporate Social Responsibility to enhance the agency’s relationship with communities and personnel,” he said.

Bashir Adeniyi, the NCS comptroller-general, said that the expected funds would be utilised on personnel, overhead and capital expenditure.

He said that N225.99 billion which represented 32.03 percent of the total figure would be spent on personnel costs.

Adeniyi said that N111.77 billion which represented 15.84 percent was earmarked for overhead cost while N368.67 billion 32.13 percent was for capital expenditure.

The CG said that with the expected funds, the service was expecting to generate N5.07 trillion at the end of 2024.

“The service intends to provide flexible windows for the perfection of illegally imported vehicles.

“This is to ensure the collection of expected import duties and 25 percent penalty charge from such category of transactions, which will enable the government to realise more revenue.

“There will be an intensive revenue recovery drive, using several mechanisms, including Systems Audit (real-time auditing), Post Clearance Auditing, the 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,” he said.

On the 2023 budget performance, the CG said that the service had an approved budget of N432.93 billion for 2023.

He said that of the total amount, only N200.45 billion which represented 46.30 percent was released from January to December 2023.

Adeniyi said that of the amount released, N94.18 billion was for personnel cost, N3.351 billion was for overhead, and N172.63 was for capital expenditure. NAN