By Obiabin Onukwugha
The Nigerian Customs Service has projected a N5.79trillion revenue for the year 2024.
The NCS Comptroller General, Adewale Adeniyi, gave the hint when he appeared before the house of representatives committee on appropriations, as part of the agency’s budget defense.
He told the House Committee that sources of revenue for customs include duty charged on all goods imported into the country and excise duty charged on locally produced goods.
The comptroller-general said in 2023, excise duty accounted for almost 17 to 18 percent of the total revenue, saying for 2024 tje target N333 billion.
He said the customs revenue target for 2023 was N3.684 trillion but that by the first week of December the agency had generated N2,959, representing 81 percent of the year’s projected income.
“We still have a few days in 2023. We are a little bit optimistic that we will be able to give the target a very good shot,” he said.
“This would represent N423 billion per month for 2024,” he said.
The customs boss noted that he expects that excise duty would account for over N300 billion in the projected revenue for 2023.
Adeniyi further explained that while it is possible to increase the revenue to N6 trillion in 2024, a number of issues limiting customs’ ability to generate revenue must be addressed.
“This is possible. If we are able to review the concession that we are going to grant in 2024, we might get there,” he said.
Adeniyi said the excise duty on single-use plastic products which was suspended in July should be lifted.
He said: “We believe that if the suspension is lifted, something in the region of N300 billion can be realised from single-use plastics alone.
“The excise duty on alcohol and tobacco. There is a projection to increase it to 30 percent. If this is done, we expect that revenue will get to where we want it.”
He added that there are other measures being put in place to increase revenue generation, including “deepening” operations and automating customs processes.
He commended the national assembly for passing the Nigeria Customs Service Act 2023, saying the law gives “us the opportunity to implement several tools that facilitate trade and will make revenue and our processes better”.
Ealier, Chairman of the Committee, Abubakar Bichi, tasked the NCS to increase the revenue target to N6trillion, saying the federal government needs money to finance several projects.
