The Senate has alerted the Nigeria Customs Service that the N5.079tn 2024 revenue target of the agency will be reviewed upwards from the second half of the year to save the country from further borrowings.
The Comptroller General of the NCS, Adewale Adeniyi, told members of the House of Representatives Committee on Customs and Excise that the service generated a total sum of N3.21 trn in the year 2023,
He added that though the service targeted the sum of N3.67trn in the outgone year, it was only able to generate N3.21trn owing to a combination of factors.
However, the Chairman, Senate Committee on Customs, Isah Jibrin during a crucial meeting with Adeniyi, and top management of the revenue agency on Monday stated the committee expected the service to play a major role in reducing the country’s debt burden hence their revenue review.
He said, “First of all, Nigeria is saddled with a lot of debt obligations, and we need to wriggle ourselves out of that trap and one of the ways to do that is internally generated revenue. Customs is one of the major providers of internally generated revenue and as it is today, we expect them to play one of the major roles in this drive to reduce our debt burden.
“We need to pay off what we owe now and minimize additional loans we are going to take. Customs is in a very good position, if they are able to block all perceived leakages, they should be able to generate a significant amount of income that will enable Nigeria to get out of debt, at least partially.
On concessions given to some sectors of the economy for example, agriculture, the Kogi East senator said it is for those who are into agricultural services, those who are into solid minerals, and those whose services have a direct impact on the economy.
