Customs gets N3.02tr revenue target, N369.04b budget – TrendyNewsReporters
Finance

Customs gets N3.02tr revenue target, N369.04b budget

 

The Senate yesterday approved N369.04 billion as budget for the Nigeria Customs Service (NCS) for the 2022 fiscal year.

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This was just as it earmarked a N3.019trillion revenue target for the Service in 2022

The budget approval followed the consideration of a report by the Committee on Customs, Excise and Tariffs.

The report was laid by the Chairman of the Committee, Senator Francis Alimikhena (Edo North).

Alimikhena, in his presentation, said out of the total expenditure of N369.04 billion approved for the NCS in 2022, N108.85 billion is for personnel cost; N45.89 billion for overhead cost; and N214.30 billion for capital cost.

Giving a highlight of the NCS budget, he explained that the service in 2022 would implement the E-Customs project to include the automation of Customs agency licenses and Vehicle Identification Number.

He stated that the NCS in collaboration with relevant government agencies would pursue improved internally generated revenue by implementing the 2021 Finance Act.

Also, the TinCan Island Command of the Nigeria Customs Service (NCS) generated N135.44 billion in the first quarter of this year.

The Customs Area Controller, Comptroller Olakunle Oloyede, made this known at a media conference in Lagos yesterday.

According to Oloyede, this is an improvement of N22.74 billion, translating to 20.18 per cent, on the first quarter 2021 collection of N112.69 billion.

He said the command’s operations for the first quarter significantly aligned with the statutory responsibilities of the service.

Oloyede said this was in revenue generation, trade facilitation and enforcement/anti-smuggling.

On export, he said the exported through the command for the period under review was 71,014.4 metric tons with a total Free On Board (FoB) value of N56,205,901,295.

He said in the previous year, January-March 2021, the total tonnage of goods exported through the command was 44,502.9 metric tons with a total FoB value of N31,371,825,954.

“Comparatively, between January and March 2021 and 2022, the tonnage of goods exported through the Command increased from 44,502.9 metric tons to 71,014 representing an increase of 62.67 per cent

Daniel

Graphic Designer/ Content Writer

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