The Senate on Thursday, February 15, passed the sum of N5.079 trillion as the 2024 budget for the Nigeria Customs Service (NCS).
The approval followed the adoption of recommendations of the Senate Committee on Customs, Excise, and Tariffs at plenary.
Presenting the report, the Chairman of the Committee, Senator Jibrin Isah (APC-Kogi East) said the total capital expenditure earmarked for the 2024 fiscal year was N706.43 billion.
He said the personnel cost stood at N225.99 billion representing 31.99 percent of the budget, while overhead cost was N 111.76 billion representing 15.82 percent.
He said the cost for ongoing capital projects stood at N148.42 billion, while new projects would gulp N220.26 billion representing 52.19 percent of the budget.
According to him, the service is hopeful about the timely rollout of the 2024 fiscal policy measures to enable it to commence implementation promptly.
He said as part of its strategy, the National Single Window project that has lingered in past years was still being pursued for better process harmonization, standardisation, and enhanced revenue generation.
He said the service intends to provide flexible windows for the perfection of illegally imported vehicles.
This, he said was to ensure the collection of expected import duties and 25 percent penalty charge from such category of transactions.
He said the measure would enable the government to realise more revenue.
Jibrin said: “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 a relevant government agency – Shippers Council – for effective monitoring of cargo, vessel movement to diversion or theft.”
He also said the decongestion of the nation’s ports was proposed towards efficient and effective port operation, adding that it was capable of yielding more revenue.
“The service anti-smuggling campaign, using all required operational guides as provided within the confines of Customs laws, will be intensified.
“This is to ensure that illicit trade that creates sphere for revenue leakages, as well as economic sabotage, are reduced to the barest minimum.”
