The Nigeria Customs Service (NCS) has disclosed that it targets to generate N6 trillion as Internally Generated Revenue (IGR) for the Federal Government next year.
This was disclosed by the Comptroller-General of the Service, Adewale Adeniyi, during the 2024 budget defense session before the House of Representatives Committee on Appropriation on Monday in Abuja.
The Comptroller-General further revealed that the amount was higher than the N5 trillion originally projected in the budget.
- “I share the optimism of increasing the revenue to N6 trillion in 2024. So, N6trillion revenue in 2024 is possible,’’ Adeniyi stated.
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Adeniyi further explained to the lawmakers that the Service would achieve the N6 trillion revenue target in 2024 if the Federal Government reduced concession grants next year.
According to him, the frequent import waivers by the government impeded revenue generation for the Service.
The Comptroller-General said that the Nigeria Customs Service could achieve the N6 trillion target for next year since many of the goods at the ports were yet to be cleared.
Adeniyi said that when the NCS looked into its system, several bills laden were not opened.
- “If we can get N1.8 trillion in one year that shows the N6 trillion revenue for 2024 is achievable,” he said.
In his remarks, the Chairman of the House of Representatives Committee on Appropriation, Rep. Abubakar Bitchi, commended Adeniyi for his efforts to generate more revenue for the government.
- “If there is a possibility to increase your revenue, we will be glad if you can make it N6 trillion for 2024,’’ the Committee Chairman stated.
Bitchi said the Renewed Hope Agenda of President Bola Tinubu could only be achieved if the revenue-generating agencies increased their targeted revenue.
He further stated that the 2024 appropriation bill would only materialise if revenue-generating agencies generated enough revenue to meet the N27.5 trillion budget.
Unless there are known revenue leakages within their operations which they’re planning to block, but, if they’re relying majorly on tariff hikes, then they may be wrongly assuming an inelastic local demand for imported items which may be a faulty assumption judging by the high number of abandoned uncleared imports in the wharfs due to the naira revaluation of this year.