The Nigeria Customs Service (NCS) has announced ambitious plans to generate N6 trillion as Internally Generated Revenue (IGR) for the Federal Government in the upcoming year.
The revelation came during the 2024 budget defense session, where the NCS Comptroller-General, Mr. Adewale Adeniyi, addressed the House of Representatives Committee on Appropriation in Abuja yesterday.
Adeniyi expressed optimism in surpassing the initially projected N5 trillion, emphasizing that achieving the N6 trillion target hinges on a reduction in concession grants in 2024.
“I share the optimism of increasing the revenue to N6 trillion in 2024. So, N6 trillion revenue in 2024 is possible,’’ he said.
He voiced concerns over frequent import waivers, citing them as a significant obstacle to optimal revenue generation. The Comptroller-General pointed out that numerous goods at ports remain uncleared, contributing to revenue challenges.
‘’The new law will also help us to facilitate a number of issues that will make revenue generation possible,’’ he said.
A revealing internal audit exposed inefficiencies within the NCS system, identifying a substantial sum of over N11 billion from overlooked bills of laden.
‘’If we can get N1.8 trillion in one year that shows the N6 trillion revenue for 2024 is achievable,” he said.
Adeniyi underscored the urgency to address these issues and expedite the clearance process for pending goods to bolster revenue streams.
Discussing import duty exceptions, Adeniyi clarified that these exemptions typically stem from presidential orders through the Minister of Finance, shedding light on the complexities involved in the revenue generation process.
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In response, Rep. Abubakar Bitchi, Chairman of the Committee, commended Adeniyi for his commitment to enhancing government revenue.
“Is there a possibility to increase your revenue, we will be glad if you can make it N6 trillion for 2024,’’ he said.
Bitchi emphasized the critical role of revenue-generating agencies in realizing President Bola Tinubu’s Renewed Hope Agenda.
He acknowledged the merit of the 2024 appropriation bill but stressed that its success is contingent on adequate funding to meet the substantial N27.5 trillion budget.