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Nigerian govt raises Customs 2022 revenue target by 145.5%

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The Federal Government has increased the Nigeria Customs Service (NCS) revenue target for 2022 to N4.1 trillion following the discovery of a N63 billion capital surplus last year.

The fresh target was 145.5 percent higher than the N1.67 trillion the government expected from the agency in 2021.

To achieve the target, the Service will have to navigate through various constraints including limited turnover by companies spending significantly to transport their goods from the port.

Others challenges are high freight cost, incessant traffic gridlock, and COVID-19 induced effects.

READ ALSO: Customs intercepts container-load of weapons at Lagos port

The Customs Area Controller, Apapa Command of NCS, Yusuf Malanta, in a chat with journalists said constraints would not impact the ability of the agency to meet the new revenue target.

He said: “Despite the enormous challenges faced in the trade supply chain occasioned by the COVID-19 pandemic still ravaging economies around the world, high cost of freight, incessant traffic gridlock, rail construction through the port as well as ensuring an increase in compliance level from stakeholders, the Command between January and December 2021 was able to collect a revenue of N870,388,340,650.65 and remitted to the federation and non-federation accounts of the Federal Government, respectively.”

“This clearly shows that the revenue profile of the command has significantly increased by about 68 percent when compared with the N518.4 billion generated in 2020.”

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