The Nigeria Customs Service (NCS) has disclosed its target to achieve N6 trillion as Internally Generated Revenue (IGR) for the Federal Government in 2024. This declaration was made by the NCS Comptroller-General, Mr. Adewale Adeniyi, during the 2024 budget defense session before the House of Representatives Committee on Appropriation in Abuja on Monday.
Adeniyi highlighted that the targeted amount exceeds the initially projected N5 trillion in the budget, expressing confidence in the feasibility of this ambitious goal. “I share the optimism of increasing the revenue to N6 trillion in 2024. So, N6 trillion revenue in 2024 is possible,’’ he affirmed.
He emphasized that the service could realize the N6 trillion revenue goal “if the Federal Government reduces concession grants in 2024.” Adeniyi mentioned that the implementation of new laws would facilitate various aspects that contribute to revenue generation.
The Comptroller-General expressed dissatisfaction with the frequent issuance of import waivers by the government, identifying it as a significant impediment to revenue generation. He underscored the achievement of N1.8 trillion in a single year, illustrating the potential for reaching the N6 trillion revenue target for 2024.
Adeniyi pointed out that numerous goods at the ports are yet to be cleared, and an internal audit revealed that the NCS realized over N11 billion from the examination of bill laden. Despite this, there are still numerous uncleared goods.
Discussing import duty exceptions, Adeniyi clarified that such exceptions typically result from a presidential order issued through the Minister of Finance.
In response, Rep. Abubakar Bitchi, the Chairman of the Committee, commended Adeniyi for his dedicated efforts to enhance government revenue. He expressed a desire for the NCS to strive for the N6 trillion target in 2024. Bitchi emphasized that the success of President Bola Tinubu’s Renewed Hope Agenda depends on revenue-generating agencies surpassing their targeted revenue.
Bitchi acknowledged the merit of the 2024 appropriation bill but stressed that its realization hinges on adequate funding to meet the N27.5 trillion budget.
