Senate Approves Customs N5.079trn 2024 Budget

The Senate on Wednesday approved the 2024 budget of the Nigeria Customs Service (NCS) amounting to N5.079 trillion.
The passage of the budget followed the consideration of the report of the Committee on Customs, Excise and Tariffs 2024 Budget of the Nigeria Customs Service submitted by Senator Isah Jibrin (Kogi East).

Highlights of the budget include revenue collection of N5.079 trillion; and the expenditure of N706,434 billion is outlined below based on the approved revenue target for the 2024 fiscal year.
The proposed budget expenditure of N706.434 billion for the 2024 financial year would be utilised as follows:
Personnel Cost N225.99 billion, overhead cost N111.76 billion and capital cost of on-going capital project N148.42 billion new capital projects N220.26 Billion.
The report showed that the NCS has adopted some strategies to raise more revenue for the government.

“The Service intends to provide flexible Windows for the perfection of illegally imported vehicles to ensure the collection of expected import duties and 25% penalty charge from such category of transactions, which will enable the government to realise more revenue
“There will be an intensive revenue recovery drive, using a number of 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.
“The service is looking forward to the area of Cargo tracking in collaboration with relevant government agency (Shippers Council) for effective monitoring cargo/vessel movement to diversion or theft;

“Decongestion of the nation’s ports is proposed towards efficient and effective port operation that is capable of yielding more revenue”.
In addition, the Service’s anti-smuggling campaign, using all required operational guidance as provided within the confines of Customs laws, will be intensified. This is to ensure that illicit trade that creates sphere for revenue leakages as well as economic sabotage are reduced to the barest minimum

The NCS also will prioritise capacity building through training and recruitment of personnel, adding that “this will promote efficiency, intelligence gathering, manpower re-enforcement and most importantly, more revenue generation”.

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Senators who contributed during the consideration of the budget in the Committee of the Whole commended the committee and emphasised the important role of NCS in the present economic situation where revenue generation is crucial.

Senate president, Godswill Akpabio, thanked the chairman of the committee, Isah Jibrin, a renown banker for the professional way he presented the report by following the laid down procedure for passage of 2024 budget by working with the committee in the House of Representatives thereby removing the need for concurrence by the House.