The Nigerian Senate has indicated its intention to increase the Nigeria Customs Service (NCS) revenue target of N5.079 trillion for 2024, citing the need to mitigate further borrowing by the country.
Senator Isah Jibrin, Chairman of the Senate Committee on Customs, made this announcement during a crucial meeting with Adewale Adeniyi, the Comptroller General of the Nigeria Customs Service (NCS), and other top officials of the revenue agency.
Senator Jibrin emphasised the importance of boosting internally generated revenue (IGR) to alleviate Nigeria’s debt burden and minimise the necessity for additional loans. He highlighted the role of the Customs Service in generating revenue and urged them to address any loopholes to maximise income.
Regarding concessions granted to specific sectors like agriculture, Senator Jibrin clarified that these concessions aim to encourage economic activities in vital sectors. He stressed the need for a balanced approach to revenue generation without discouraging importers whose activities contribute to the economy’s growth.
Addressing the issue of unemployment in Nigeria, Senator Jibrin acknowledged the limitations of the Customs Service in employing all job seekers but emphasised efforts to exceed the current benchmark of 1,600 employees.
Responding to queries from lawmakers, Comptroller General Adeniyi disclosed the Customs Service’s plan to seek government approval to grant waivers to owners of smuggled vehicles, allowing them to regularise their duty payments. He proposed a three-month window for vehicle owners to settle their obligations after adequate publicity.
Adeniyi also expressed concern over the volatility of the Naira exchange rate, advocating for a predictable rate to facilitate effective planning. He suggested collaboration between the monetary and fiscal authorities to establish a stable exchange rate regime.