Senate Okays Nigeria Customs’ N706.4bn Budget for 2024

Senate Okays Nigeria Customs’ N706.4bn Budget for 2024

Nigeria’s Senate has approved the sum of N5.079 trillion naira as a revenue target and N706.4 billion as budget for the Nigeria Customs Service (NCS) in the 2024 fiscal year.

The approval follows consideration of a report presentation by the Committee Chairman on Customs, Excise, and Tariff, Jibrin Isah (APC-Kogi), at the plenary on Thursday, 15th February 2024.

Addressing the plenary, Isah highlighted personnel costs at N225.99 billion and overhead costs at N111.76 billion, representing 31.99 and 15.82 percent of the budget.

“Also, ongoing capital projects stood at N148.42 billion while new projects, which represents 52.19 percent, earmarked for N220.26 billion,” he said

Providing a breakdown of the budget, he added that the timely rollout of the 2024 fiscal policy would enable the service to commence implementation promptly.

In his words, “As part of Customs strategy, the provision of the flexible window will help curb illegally imported vehicles and ensure the proper collection of expected import duties and 25 percent penalty charge from such category of transactions.

“Mechanisms such as systems audit, real-time auditing, post clearance auditing, institution of revenue recovery committee and other intelligence gathering tools will ensure intensive revenue recovery drive.”

The revised penalties and charges in the new Nigeria Customs Service Act, 2023, he noted, will improve the service’s revenue generation.

In the aspect of anti-smuggling and cargo tracking, the committee chairman stated that the service looks forward to collaboration with the Shippers Council and other relevant government agencies to decongest and achieve efficient, effective port operations, which would yield more revenue.

“As provided within the confines of Customs law, all required operational guides will be utilised to ensure that illicit trade that creates a sphere for revenue leakages, as well as economic sabotage, are reduced to the barest minimum,” he concluded.