The Nigeria Customs Service (NCS) is projecting to generate N6 trillion as Internally Generated Revenue (IGR) for the Federal Government in 2024.
The NCS Comptroller-General, Mr. Adewale Adeniyi, stated this at the 2024 budget defense before the House of Representatives’ Committee on Appropriation on Monday in Abuja.
Adeniyi said that the amount was higher than N5 trillion target originally projected in the budget.
“I share the optimism of increasing the revenue to N6 trillion in 2024. So, N6 trillion revenue in 2024 is possible,” he said.
The service, however, gave a condition: the Service would be able to generate the N6 trillion revenue if the federal government reduced concession grants in 2024.
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“The new law will also help us to facilitate a number of issues that will make revenue generation possible,” he said.
He frown at frequent import waivers by government, saying that it was one of the factors that had impeded revenue generation.
“If we can get N1.8 trillion in one year that shows the N6 trillion revenue for 2024 is achievable,” he said.
He said many of the goods at the ports were yet to be cleared, adding that when the NCS looked into its system, a number of bill laden were not opened.
He said when an internal audit was conducted, it showed that the NCS realised over N11 billion from that exercise, adding that there were still lots of goods yet to be cleared.
Speaking on import duty exception, Adeniyi said it was usually a presidential order given through the Minister of Finance.
Rep. Abubakar Bitchi, the Chairman of the Committee, commended Adeniyi for his efforts to generate more revenue for the government.
“Is there a possibility to increase your revenue, we will be glad if you can make it N6 trillion for 2024,” he said.
Bitchi said the Renewed Hope Agenda of President Bola Tinubu would not be achieved unless the revenue generating agencies increased their targeted revenue.
He said the 2024 appropriation bill was laudable, adding that it would only materialise if there was enough money to meet the N27.5 trillion budget.
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