The National Assembly Joint Committee on Finance on Tuesday rejected the Nigeria Customs Service’s (NCS) proposed N6.5 trillion revenue projection for 2025, instead setting a more ambitious target of N10.5 trillion.
The lawmakers emphasised the importance of blocking revenue leakages and instituting stricter measures to ensure the country meets its fiscal goals.
Chairman of the Senate Committee on Finance, Senator Sani Musa, stated that the N10.5 trillion target was achievable based on information gathered from the Budget Office of the Federation and other relevant factors.
He further warned that the revenue target could be raised to N12 trillion if the NCS fails to address the issue of non-remittance of 80 percent of its operating surplus, as required by the Fiscal Responsibility Act of 2007.
Victor Murako, Chairman of the Fiscal Responsibility Commission (FRC), expressed concern that the NCS has failed to remit its operating surplus to the Consolidated Revenue Fund (CRF) since 2019, despite initial compliance from 2015-2019.
He revealed that the Service owed N8.6 billion as of 2019 and had failed to honour agreements made last year following intervention by the Public Accounts Committee.
In response, Customs Comptroller General, Bashir Adewale Adeniyi, committed to working with the service’s legal department to resolve the issue of operating surplus remittances.
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