More hard times awaits Nigerians as the Nigeria Customs Service (NCS) has set out plans to generate N6 trillion as Internally Generated Revenue (IGR) for the Federal Government in 2024.
Adewale Adeniyi, NCS Comptroller-General stated this on Monday in Abuja at the 2024 budget defence before the House of Representatives Committee on Appropriation.
The customs CG disclosed that the amount was higher than the N5 trillion originally projected in the proposed 2024 budget.
In his words: “I share the optimism of increasing the revenue to N6 trillion in 2024. So, N6 trillion revenue in 2024 is possible.”
Adeniyi however presented a caveat that could make the N6 trillion revenue a reality and that is according to him; “if the Federal Government reduces concession grants in 2024”.
He further stated: “The new law will also help us to facilitate a number of issues that will make revenue generation possible.”
The customs henchman also frowned at the frequency of import waivers granted by the government, highlighting it to be one of the factors that had impeded revenue generation.
He added that: “If we can get N1.8 trillion in one year, that shows the N6 trillion revenue for 2024 is achievable.”
He disclosed that many goods at the ports were yet to be cleared simply because a sizable number of bills of laden were yet to be opened from the records available to the NCS.
An internal audit that was conducted, according to Adeniyi showed that the NCS realised over N11 billion from that exercise, adding that there were still lots of goods that are yet to be cleared.
Adeniyi equally clarified that import duty exception was usually a presidential order given through the Minister of Finance.
Hon. Abubakar Bitchi, Chairman of the Committee expressed delight at the possibility of NCS generating more revenue for the government, under Adeniyi.
Bitchi stated: “Is there a possibility to increase your revenue? We will be glad if you can make it N6 trillion for 2024.”
He applauded the 2024 appropriation bill but stated that it would only materialise if enough money could be readily available to meet the N27.5 trillion budget.
