Senate Approves Nigerian Customs Service N5.079 Budget for 2024

The Senate recently approved the 2024 budget of the Nigerian Customs Service (NCS), valued at N5.079 trillion. The legislative chamber made this announcement on Wednesday.

The passage of the budget into law follows the Senate's approval of the report of the Committee on Customs, Excise, and Tariffs 2024 Budget of the Nigeria Customs Service, which was submitted by Senator Isah Jibrin (Kogi East).

The budget includes 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 will be utilised as follows:

Personnel Cost is N225.99 billion, overhead cost is N111.76 billion, capital cost of ongoing capital projects is N148.42 billion, and the cost of new capital projects is N220.26 Billion. The report showed that Nigerian Customs adopted some strategies to raise more revenue for the government.

NCS said, 

• The Service intends to provide flexible windows for the perfection of illegally imported vehicles to ensure the collection of expected import duties and a 25% penalty charge from such categories of transactions, which will enable the government to realise more revenue.

• There will be an intensive revenue recovery drive using several 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 prevent diversion or theft.

• Decongestion of the nation's ports is proposed as efficient and effective port operation capable of yielding more revenue.

Also, the NCS said that its anti-smuggling campaign will be intensified, using all required operational guidance as provided within the confines of Customs laws. 

The commission wants to ensure that illicit trade that creates a sphere for revenue leakages and economic sabotage is reduced to the barest minimum.

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

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

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