The House of Representatives Committee on Appropriation has recently announced an increase in the revenue target for the Nigeria Customs Service (NCS) for the year 2024. The target has been raised from N5 trillion to N6 trillion, reflecting the committee's optimism about the revenue-generating potential of the NCS.
Meeting with Comptroller General of Customs
During a meeting with the Comptroller General of Customs, Adewale Adeniyi, the chairman of the committee, Abubakar Bitchi, urged him to consider increasing the targeted revenue to N6 trillion. Bitchi emphasized that achieving the goals set out in President Bola Tinubu's renewed hope agenda would require the government's revenue-generating agencies to contribute more funds.
Revenue potential of NCS
Acknowledging the committee's request, Adeniyi expressed his optimism about reaching the N6 trillion revenue target in 2024. He highlighted the importance of addressing certain issues, such as concession grants, which could potentially hinder the NCS's ability to achieve this target. Adeniyi also revealed that in 2023, the NCS experienced a loss of N1.8 trillion due to the Import Duty Exception Certificate (IDEC). Additionally, he noted that excise accounted for 18 percent of the total revenue in 2023.
Adeniyi's remarks shed light on the significant revenue potential of the NCS. With a revenue of N1.8 trillion generated in just one year, it becomes evident that the N6 trillion target for 2024 is indeed achievable. However, it is crucial to address existing challenges and improve operational efficiency to fully capitalize on this potential.
One such challenge highlighted by Adeniyi is the backlog of uncleared goods at the ports. Addressing this issue would not only contribute to revenue generation but also streamline operations and enhance trade facilitation. Additionally, improving the NCS's internal systems and processes would help ensure that all bills are properly opened and accounted for, further boosting revenue collection.
Alignment with President Tinubu's vision
The committee's decision to increase the revenue target for the NCS aligns with President Tinubu's vision for a prosperous Nigeria. The 2024 appropriation bill, which was lauded by Chairman Bitchi, presents a comprehensive plan for national development. However, it is important to recognize that these plans can only materialize if there is sufficient funding available.
Summary
The House of Representatives Committee on Appropriation has demonstrated its confidence in the revenue-generating capabilities of the Nigeria Customs Service by increasing its target for 2024. The NCS has the potential to achieve the ambitious N6 trillion revenue goal, provided that certain challenges are addressed and operational efficiency is improved. By maximizing revenue collection, the NCS can contribute significantly to President Tinubu's hope agenda and drive economic growth and development in Nigeria.
(This article is sourced from shipsandports.com.ng and curated by Thetranporteronline24)
