Senate Approves N5.079trn Budget for Nigeria Customs Service
The Senate has approved 2024 budget of N5.079 trillion for the Nigeria Customs Service (NCS) for the 2024 fiscal year. The approval followed adoption of recommendations of report of Committee on Customs, Excise and Tariffs on Thursday at plenary.
Presenting the report, Chairman of the Committee, Sen. Jibrin Isah (APC-Kogi) said the total capital expenditure earmarked for the fiscal year was N706.43 billion for the 2024 financial year. He said personnel cost stood at N225.99 billion, representing 31.99 per cent of the budget, while overhead cost was N111.76 billion; representing 15.82 per cent.
Isah said the cost for ongoing capital projects stood at N148.42 billion, while new projects was earmarked for N220.26 billion, representing 52.19 per cent. According to him, the service hopes for 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. # Senate Approves N5.079trn Budget for Nigeria Customs Service. #Senate Approves N5.079trn Budget for Nigeria Customs Service#
