The Nigeria Customs Service (NCS) will have a N5.079 trillion budget for the 2024 fiscal year after the Senate approved it. The clearance came after the Committee on Customs, Excise and Tariffs’ report’s recommendations were adopted in plenary on Thursday.
Sen. Jibrin Isah (APC-Kogi), the committee’s chairman, stated at the report’s presentation that N706.43 billion had been set aside for capital expenditures for the fiscal year 2024. He stated that the cost of people was N225.99 billion, or 31.9 percent of the budget, while the cost of overhead was N111.76 billion, or 15.82 percent.
According to Isah, the cost of existing capital projects is N148.42 billion, whereas N220.26 billion, or 52.19 percent, is allocated for new projects. He states that the service anticipates a timely rollout of the 2024 fiscal policy measures to enable it to commence implementation promptly.
He said that as part of its strategy, the National Single Window project that had lingered in past years was still being pursued for better process, harmonization, standardisation and enhanced revenue generation.
Isah said the service intended to provide flexible windows for the perfection of illegally imported vehicles. This, he said, was to ensure the collection of expected import duties and 25 per cent penalty charge from such category of transactions.
He said the measure would enable the government to realise more revenue. “There will be an intensive revenue recovery drive, using a number of mechanisms. This shall include the Systems Audit, real-time auditing, post-clearance auditing, 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,’’ Isah said. According to him, the service is looking forward to the area of cargo tracking in collaboration with relevant government agency, Shippers Council for effective monitoring of cargo, and vessel movement to diversion or theft.
He also said that the decongestion of the nation’s ports was proposed towards efficient and effective port operations, adding that it was capable of yielding more revenue. “The service’s anti-smuggling campaign, using all required operational guides as provided within the confines of Customs laws, will be intensified.
“This is to ensure that illicit trade that creates sphere for revenue leakages, as well as economic sabotage, are reduced to the barest minimum,” Isah said.
