The Comptroller General (CG) of the Nigeria Customs Service (NCS), Bashir Adewale Adeniyi, explained on Wednesday why the Service couldn’t meet its total revenue target of N3.669 trillion in the 2023 financial year. He lamented that the effects of the 2023 general elections, cash crunch, Naira redesign, and other factors led to a drastic reduction in Customs revenue.
The CG made these statements during an interactive session with the House of Representatives Committee on Customs and Excise, which focused on the review of the Service’s 2023 budget performance and its proposed 2024 budget.
Adeniyi pointed out that uncertainties and anxiety towards the 2023 elections, the suspension of excise on single-use plastics, carbonated drinks, and telecommunications VAT affected Customs revenue. Other major causes were the cash crunch, currency redesign, and a reduction in cargo throughput in the year under review.
He stated that the revenue projection was N3.669 trillion, but the Service collected N3.202 trillion from January to December 2023, showing a negative variance of N406.29 billion below the target due to the mentioned factors.
The Committee subsequently approved the sum of N706.67 billion for the Nigerian Customs Service for its 2024 operations. The approval was granted after the NCS management appeared before the committee for a budget defense session in Abuja.
Chairman of the committee, Rep. Leke Abejide, stated that their responsibility extends beyond mere oversight, encompassing a duty to safeguard the interests of the Nigerian people and ensure judicious use of public funds.
“Following a thorough examination of the 2023 budget performance and the 2024 budget proposal, the committee is set to recommend the approval of the Nigeria Customs Service’s projected revenue, a 2 per cent share of imports VAT, ongoing capital projects, personnel and operational costs, capital costs, and a total budget of N706,434,216,877.66 for the 2024 fiscal year. Additionally, we will stress the importance of substantial provisions for Corporate Social Responsibility to enhance the agency’s relationship with communities and personnel,” Abejide stated.
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