Revenue generation by the Nigeria Customs Service (NCS) in 2023 dropped below the targeted N3.66trillion by N462.92billion or 12.62 per cent, according to a report of the Senate Committee on Customs, Excise and Tariffs.
The 2023 target was broken into N2.43tn (federation collection); N414.51bn (non-federation); and N822.67bn as Value Added Tax (VAT), making a total of N3.66tn.
However, the agency generated N3.2tn or 87.38% of the target, recording a shortfall of N462.92tn (12.62%).
The revenue performance was contained in the 2024 budget report of the NCS earlier laid before the Senate by the committee’s Chairman, Senator Isah Jibrin (APC, Kogi-East).
On Thursday, the Senate, while considering the report, approved a new 2024 revenue target of ₦5.07tn for the NCS.
It also approved a total expenditure of N706.43bn for the agency’s operations in 2024.
The breakdown includes personnel cost of N225.99bn; overhead cost, N111.76bn; ongoing capital projects, N148.42bn; and new capital projects of N220.26bn.
A copy of the approved budget, which was sighted by the Nigerian Tribune on Thursday, mentioned some new strategies the agency would apply this year to shore up revenue, in a bid to meet the year’s target.
It stated, “The Service intends to provide flexible Windows for the perfection of illegally imported vehicles to ensure the collection of expected import duties and 25% penalty charge from such category of transactions, which will enable the Government to realize 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.
“The Service is looking forward to the area of Cargo tracking in collaboration with relevant Government agency (Shippers Council) for effective monitoring cargo/vessel movement to diversion or theft.
“Decongestion of the nation’s ports is proposed towards efficient and effective port operation that is capable of yielding more revenue.”
It added that the agency’s anti-smuggling campaign, using all required operational guidelines as provided within the confines of the law, would be intensified.
The Senate said this would ensure that illicit trade that created the atmosphere for revenue leakages as well as economic sabotage, were reduced to the barest minimum.
Among others, the service will also prioritise capacity building through training and recruitment of personnel to “promote efficiency, intelligence gathering, manpower re-enforcement and most importantly, more revenue generation.”
The President of the Senate, Senator Godswill Akpabio, who presided over the session, commended Senator Jibrin and members of his committee for the professional way they worked on the budget in conjunction with the House of Representatives.
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