Senate looks to Customs to save Nigeria from more borrowings

In a bid to ramp up the earnings of the federal government, indications have emerged that the Senate will jerk up the N5.079tr revenue target of the Nigeria Customs Service (NCS) from the second half of 2024 to save the country from further borrowings.

This is even as the upper chamber disclosed that it has become imperative for revenue-generating agencies to up their game to improve the economy.

Chairman of the Senate Committee on Customs and Excise Duties, Senator Jibrin Isah, made this known on Monday while speaking with journalists after the Committee had a meeting with the Comptroller General of Customs, Adewale Adeniyi, and his team at the National Assembly.

The lawmaker said the agency was strategic in settling the debt overhang of the nation given its capacity to generate high-level revenues.

Hear him: “Nigeria is saddled with a lot of debt obligations, and we need to wriggle ourselves out of that trap, and one of the ways to do that is through internally generated revenue.

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“Customs is one of the major providers of internally generated revenue, and as it is today, we expect them to play one of the major roles in this drive to reduce our debt burden.

“We need to pay off what we owe now and minimise the additional loans we are going to take. Customs is in a very good position; if they can block all perceived leakages, they should be able to generate a significant amount of income that will enable Nigeria to get out of debt, at least partially.”

In his response, the CG, NCS disclosed that the service was seeking approval from the government to allow them give waivers to owners of smuggled cars to allow them regularize payment of their Customs duties.

He disclosed that those in possession of vehicles illegally imported into the country or are to pay duties have a three-month window to go to Customs House for assessment and payment of duties.

This, he assured will be done after adequate publicity to ensure that those in such a situation, can get their vehicles regularized through payment of duties.

By Babajide Okeowo

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