Connect with us

Business

Senate moves for upward review of N5.079 trillion 2024 NCS revenue target

Published

on

Senator Jibrin Isah presiding over a Senate Committee on Nigeria Customs Service and Excise Duties in Abuja
Spread the love

Amid daunting challenges of foreign and local debts hanging on the nation, the Chairman of Senate Committee on Customs and Excise Duties, Senator Jibrin Isah on Monday disclosed that the 2024 revenue target of Nigeria Customs Service would be reviewed upwards from the second half of the year.

The lawmaker in the upper legislative Chamber who represents Kogi East Senatorial District gave the disclosure while speaking with journalists after the Committee’s meeting with the Comptroller General of Customs, Adewale Adeniyi and top officials of NCS at the National Assembly, Abuja. googlesyndication.com/pagead/js/adsbygoogle.js">

The lawmaker said, the NCS has capacity generate funds to service the nation’s loans, given their potential and what they have generated so far.

According to him, the parliament will support NCS, adding that if perceived loopholes were blocked, chunks of funds that will service debt, may be generated by the Nigeria Customs Service, while he lamented that Nigeria was saddled with lot of debt obligations which the country must wriggle itself out of it.

Read Also:  Fidelity Family Weekend thrills families for two days

The lawmaker said: “Customs is one of the major providers of internally generated revenue and as it is today, we expect them to play one of the major roles in this drive to reduce our debt burden.

“We need to pay off what we are owing now and minimize additional loans we are going to take. Customs is in a very good position, if they are able to block all perceived leakages, they should be able to generate significant amount of income that will enable Nigeria get out of debt, at least partially.

On concessions given to some sectors of the economy for example, agriculture, the Kogi East Senator said, it is for those who are into agricultural services, those who are into solid minerals and those whose services have direct impact on the economy.

“If somebody is bringing agricultural equipment into the economy and you try to take something out of that person in a way of import duty, that will discourage the person and that is what we are saying. It is not that any body took that money or custom compromised in the course of their services.

“Concessions were in the interest of Nigeria to encourage importers who are going into specific areas in the economy. There is a tradeoff here between importers and the country, particularly the things you think you are generating.

Read Also:  Customers laud Polaris Bank exclusive banking product

Talking about the rate of unemployment in Nigeria, which he described as “very high”, Senator Jibrin said “Customs is not the only employer of Labour. They can only employ the number they believed, they can adequately take care of and we are putting them under pressure to exceed the 1,600 benchmark.

“We may not get beyond 2000, but for sure, we will get 1,6000 and like we all know, there are so many unemployed Nigerians out there, I will always say, it is difficult for the Nigeria Customs Service to absorb all unemployed Nigerians, but they can only employ those they can.

Answering questions from the lawmakers, the CG, NCS also disclosed that the service is seeking approval from government to allow them give waivers to owners of smuggled cars to allow them regularise their payment of Customs duties.

He said the approval is given they could say that within a window, say within 3 months, if you are in possession of vehicles that were illegally imported into the country or that have not paid duties, you have this opportunity to go to Customs House for assessment and payment of duties.

This he said will be done after adequate publicity so that those who find themselves in such situation can get their vehicles regularised through payment of duties.

Read Also:  NUBIFIE Picketing: Polaris Bank restates commitment to staff welfare

On the naira exchange rate, Adeniyi said he is equally pained by the volatility in the exchange rate regime. In fact, even if it stays high and people can predict that this is what it will take me to clear, perhaps it is not particularly too bad, but when it is so volatile, today it is X, tomorrow it is X+10, X+20, it does not make for adequate planning and things like that.

“Correctly, it 8s the mandate of the Central Bank of Nigeria, CBN to fix the rate, either the one we use during Medium Term Expenditure Framework, MTEF or the one we use for importation or the one used for payment of Customs duties. I have been in discussions with my minister. Perhaps, what you are going to advocate is that there would be a meeting point between authorities of government that are in charge of monetary policy and those in charge of fiscal policies.

“Personally, what I think we can do is to get a spot rate for a period of time. We can agree that for Q,Y 2024 this will be the spot rate for payment of Customs duties; we could say for the first half of the year”, he said.

Contact Us:

  • Address: Address: 1st Floor,  Nwakpabi Plaza,  Suite 110, Waziri Ibrahim Crescent, Apo,  Abuja
  • Tel: +234 7036084449, +234 8066722600, +234 7012711701
  • Email: info@capitalpost.ng
  • Email: capitalpost20@gmail.com

Quick Links: