By Obiabin Onukwugha
The Nigeria Customs Service (NCS) has again expressed confidence of its ability to achieve its revenue target of N5.079trillion as provided for in the 2024 budget recently passed by the National Assembly.
Recall that Comptroller General of the NSC, Adewale Adeniyi, had during the budget defence of the agency last year said the customs has what it takes to generate N6million for the federal government if approved. However, national assembly only increased the agency’s budget from the original N5trillion proposed by President Bola Tinubu to N5.079trillion
Addressing newsmen in Abuja on Wednesday, Adeniyi pointed out that the NSC realised the sum of N3.2 trillion in 2023. He said the target is an indication of the federal government’s confidence on the agency and the important role it plays in the nation’s economic growth and wellbeing.
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He said: “For the fiscal year 2024, the NCS has been allocated a new revenue target of N5.079 trillion, aligning with the government’s economic objectives. This target signifies the government’s confidence in the NCS’ capabilities and underscores the service’s important role in contributing to the nation’s fiscal wellbeing.
“The strategic initiatives detailed above, alongside other operational reforms, are anticipated to play a crucial role in achieving this revenue goal.”
Adeniyi noted that the NSC is steadfast in its commitment to implementing strategies and exploring practical approaches to meet the revenue target, despite some challenges.
“In the fiscal year 2023, the NCS achieved a significant milestone by recording a total revenue collection of NGN3,206,603,417,315.47 marking a noteworthy 21.4% increase from the preceding year’s total revenue of NGN 2,641,616,673,501.83. This growth aligns with the NCS’ consistent upward trajectory, as evidenced by a 17.88% revenue increase in 2022.
“The consecutive expansion in revenue underscores the service’s sustained efforts in optimising revenue collection for the Federal Government and exemplifies our ability to adapt to dynamic economic conditions,” he stated.
