Following the N3.019 trillion revenue target set for the Nigeria Customs Service for the 2022 fiscal year by the House of Representatives, on Monday, 28th February 2022, the Comptroller General of Customs, Col Hameed Ali (Rtd) on Wednesday, 2nd March 2022, presented the proposed 2022 Budget to the Senate Committee on Customs and Excise.
Chairman, Senate Committee on Customs and Excise, Senator Francis Asekhame Alimikhen while commending the Service for exceeding the N1.678 trillion revenue projection set by the National Assembly as against the sum of N1.465 trillion initiated by the Agency during the 2021 budget defence, expressed delight over the N2.241 trillion realised as at the end of the 2021 financial year.
Senator Francis further observed that from the recent circular from the Office of the Secretary to the Government of the Federation (OSGF) which raised the threshold Service-Wide for Ministries, Department and Agencies (MDAs) on contract awards, harped on the need to ensure that all the MDAs improve on revenue generation.
Recall that the joint Senate and House Committee on Customs and Excise had unanimously resolved to earmark a reasonable amount to rehabilitate the 13 scanners out of the N27 billion surplus realised from the 2021 revenue.
In his presentation, the Comptroller General of Customs, Col. Hameed Ali (rtd) explained that the revenue target for NCS in the 2022 financial year is set at N3.019 trillion, consisting of N2.019 trillion for the Federation; N253.23 billion for Non-Federation and N746.96 billion for Import Value Added Tax (VAT).
According to him, when compared with the 2021 revenue target, the 2022 revenue target is higher by N965.42 billion or 31.98 per cent.
Concerning strategies to improve revenue generation in 2022, Ali said considering the Federal Government’s pursuits toward improved Internally Generated Revenue, the Service is working in collaboration with the relevant government authorities to ensure effective implementation of the said Act, hence the attractable excise duty of 6 per cent on Telecommunication Services and N10 per litre on Carbonated drinks are expected to commence fully within the fiscal year, 2022.
