The House of Representatives Committee on Appropriation on Monday increased the 2024 revenue target of Nigeria Customs Service from N5 trillion to N6 trillion.
Chairman of the committee, Abubakar Bitchi, pleaded with the Comptroller General of Customs, Adewale Adeniyi, to think of increasing the targeted N5 trillion when he appeared before it in Abuja on Monday.
“Is there a possibility to increase your revenue? We will be glad if you can make it N6 trillion for the 2024 revenue,” he said.
He also stated that the renewed hope agenda of President Bola Tinubu would not be achieved unless revenue-generating agencies make more money for the Federal Government.
He said the 2024 appropriation bill as presented by the president was laudable, adding that it would only materialize if there was enough money to meet the N27.5 trillion proposal.
Responding, Adeniyi said, “I share the optimism of increasing the revenue to N6 trillion in 2024. So N6 trillion in revenue in 2024 is possible.”
He, however, said if the Federal Government was able to review the issue around concession grants in 2024, the NCS might be able to realise the N6 trillion in revenue.
He said in 2023, the service lost N1.8 trillion to the Import Duty Exception Certificate (IDEC), adding that in 2023, excise accounted for 18 percent of total revenue.
“If we can get N1.8 trillion in one year, that shows the N6 trillion revenue for 2024 is achievable,” he said.
He said many of the goods at the ports were yet to be cleared, adding that when the NCS looked into its system, a number of bills were not opened.
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