The Senate granted approval on Wednesday for the 2024 budget of the Nigeria Customs Service (NCS), amounting to N5.079 trillion. The endorsement followed a thorough review of the Committee on Customs, Excise and Tariffs 2024 Budget report submitted by Senator Isah Jibrin (Kogi East).
The key features of the approved budget encompass a revenue collection target of N5.079 trillion, with an outlined expenditure plan of N706.434 billion for the 2024 fiscal year. The budget allocation is structured as follows: Personnel Cost at N225.99 billion, Overhead Cost at N111.76 billion, Capital Cost for ongoing projects at N148.42 billion, and N220.26 billion designated for new capital projects.
The report unveiled strategic measures employed by the NCS to augment government revenue, including facilitating flexible windows for the regularization of illegally imported vehicles to ensure the collection of expected import duties and penalties. The Service plans to intensify revenue recovery through mechanisms such as real-time auditing, post-clearance auditing, and the establishment of a revenue recovery committee.
In addition, the revised penalties and charges in the new Nigeria Customs Service Act of 2023 are anticipated to enhance revenue generation. The NCS aims to collaborate with relevant agencies for cargo tracking to monitor movements effectively, prevent diversion or theft, and decongest the nation’s ports to facilitate efficient and revenue-yielding port operations.
The anti-smuggling campaign will be heightened to minimize illicit trade and curb revenue leakages, while emphasis will be placed on capacity building through training and personnel recruitment to boost efficiency, intelligence gathering, and revenue generation.
During the deliberation on the budget in the Committee of the Whole, senators commended the committee’s work, underscoring the crucial role of the NCS in the current economic climate where revenue generation holds paramount importance. Senate President Godswill Akpabio appreciated Chairman Isah Jibrin for his professional presentation and adherence to the laid-down procedure for the passage of the 2024 budget, which eliminated the need for concurrence by the House.
