The Nigeria Customs Service (NCS) says it is targeting the generation of N5. 08 trillion revenue in the 2024 fiscal year.
The Comptroller General of Customs, Bashir Adeniyi, disclosed this when he appeared before the House of Representatives Committee on Customs and Excise, to defend the 2024 budget of the Service.
Adeniyi noted that the 2024 revenue target, which is 27.75 percent higher than its target for 2023 consists of N3.423trn in federation accounts, N554.35bn for non-federation accounts, and N1.101trn for import Value Added Tax ( VAT).
“For 2024 fiscal year, this target stands at 5.079 trillion and this consists of 3.423 trn in federation accounts, N554.35 bn for non-federation accounts, and N1.101 trn for import Value Added Tax. When we compare what was targeted in 2023 and 2024, this year’s target is higher by N1.41 trn, or approximately 27.75 per cent over the 2023 budget.
We are hoping that the 2024 fiscal policy measure would be rolled out in good time so that it would help the implementation. The second is tied to the issue of national single window.
“The project which has lingered on for quite some time is now being pursued very vigorously for better process ammonization and standardization. The inauguration of the steering committee has been approved by Mr President, and I’m very sure in the next few days, the steering committee would be inaugurated.
“The third driver is the introduction of the Vehicle Registration System and the Vehicle Identification Number valuation application, which has a huge potential for reducing undervaluation and vehicle tax evasion, thereby improving our revenue collection.” Adeniyi said.