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Senate approves N5.07trn 2024 budget for Customs



The Senate has approved a 2024 budget of N5.079 trillion for the Nigeria Customs Service (NCS).

This followed the adoption of the report of the Senate Committee on Customs, Excise, and Tariffs at Thursday’s plenary in Abuja.

The chairman of the committee, Jibrin Isah, who presented the report, said N706.43 billion was earmarked as capital expenditure by the Service for this year.

He said personnel cost stood at N225.99 billion or 31.99 percent of the budget while overhead cost was N111.76 billion or 15.82 percent.

Isah said the cost for ongoing capital projects was pegged at N148.42 billion and N220.26 billion for new projects.

READ ALSO: Reps ask finance ministry, CBN to consult before reviewing Customs exchange rates

The lawmaker added that the service planned to provide flexible windows for the perfection of illegally imported vehicles.

“There will be an intensive revenue recovery drive, using several 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,’’ he stated.

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