Reps set N6tr revenue target for customs in 2024

The House of Representatives has set a revenue target of N6 trillion for the Nigeria Customs Service (NCS) in 2024.

The target was set when the Comptroller General of Customs, CGC Adewale Adeniyi appeared before the House Of Representatives Committee On Appropriations on Monday.

Abubakar Bichi, Chairman of the committee, told Adeniyi that customs should increase the revenue target to N6 trillion because the government needs money to finance several projects.

“Is there any possibility to increase your target in 2024? Because as I said earlier, we need more revenue and you have done very well in 2023,” he said.

“We will be glad if you can improve from that N5 trillion to N6 trillion. I am sure even the president will be very happy to see that the Nigerian customs come up with almost N6 trillion from their revenue.”

Responding, Adeniyi explained that while it was possible to increase the revenue to N6 trillion in 2024, several issues limiting customs’ ability to generate revenue must be addressed.

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“This is possible. If we are able to review the concession that we are going to grant in 2024, we might get there,” he said.

Adeniyi said the excise duty on single-use plastic products which was suspended in July should be lifted.

“We believe that if the suspension is lifted, something in the region of N300 billion can be realised from single-use plastics alone,” he said.

“The excise duty on alcohol and tobacco. There is a projection to increase it to 30 per cent. If this is done, we expect that revenue will get to where we want it.”

He added that other measures were being put in place to increase revenue generation, including “deepening” operations and automating customs processes.

He commended the national assembly for passing the Nigeria Customs Service Act 2023, saying the law gives “us the opportunity to implement several tools that facilitate trade and will make revenue and our processes better”.

By Babajide Okeowo

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