The revised penalties and charges in the new Nigeria Customs Service Act, 2023 will improve the service’s revenue generation.
The Senate has approved a total revenue of N5.79 trillion for the Nigeria Customs Service for the 2024 fiscal year.
The approval followed the adoption of recommendations of a report of the Committee on Customs, Excise, and Tariffs read by its Chairman, Sen. Isah Jibrin (APC, Kogi East) on Thursday during plenary.
Presenting the report, Isah said the total capital expenditure earmarked for the fiscal year was N706.43 billion for the 2024 financial year. He said personnel cost stood at N225.99 billion, representing 31.99 percent of the budget, while overhead cost was N111.76 billion; representing 15.82 percent.
Isah reported that the current capital project cost was N148.42 billion, and the planned budget for new projects was N220.26 billion, or 52.19 percent of the total. To enable it to start implementation as soon as possible, he says the service hopes for a timely rollout of the fiscal policy measures in 2024.
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He said that improved process, harmonisation, standardisation, and increased revenue generation were the reasons behind the project’s continued pursuit of the National Single Window, which had been lingering in previous years as part of its strategy.
According to Isah, the service was designed to offer adjustable windows for vehicles that were brought into the country illegally. He explained that this was done to make sure that the anticipated import duties and a 25% penalty charge from these kinds of transactions were collected.
“The revised penalties and charges in the new Nigeria Customs Service Act, 2023 will improve the service’s revenue generation.
“The service’s anti-smuggling campaign, using all required operational guides as provided within the confines of Customs laws, will be intensified.
“This is to ensure that illicit trade that creates sphere for revenue leakages, as well as economic sabotage, are reduced to the barest minimum.”
STAR Check: Nigerians, particularly, constituents of Kogi East district, can keep tabs on the legislative performance of Sen. Isah throughout the 10th senate here.
