The Senate has approved a budget of N5.079 trillion for the Nigeria Customs Service (NCS) for the 2024 fiscal year.
The approval followed the adoption of recommendations of the Committee on Customs, Excise and Tariffs report on Thursday at plenary.
Presenting the report, the committee chairman, Jibrin Isah (APC-Kogi), said the total capital expenditure earmarked for the fiscal year was N706.43 billion for the 2024 financial year.
He said personnel costs stood at N225.99 billion, representing 31.99 per cent of the budget, while overhead expenses were N111.76 billion, representing 15.82 per cent.
Mr Isah said the cost for the ongoing capital projects stood at N148.42 billion, while new projects were earmarked for N220.26 billion, representing 52.19 per cent.
According to him, the service hopes for the timely rollout of the 2024 fiscal policy measures to enable it to commence implementation promptly.
He said that as part of its strategy, the National Single Window project that had lingered in past years was still being pursued for better process, harmonisation, standardisation and enhanced revenue generation.
Mr Isah said the service intended to provide flexible windows for the perfection of illegally imported vehicles.
He said this was to ensure the collection of expected import duties and a 25 per cent penalty charge from such category of transactions.
He said the measure would enable the government to realise more revenue.
“There will be an intensive revenue recovery drive using a number of mechanisms.
“This shall include the Systems Audit, real-time auditing, post clearance auditing, institution of revenue recovery committee and other intelligence gathering tools.
“The revised penalties and charges in the new Nigeria Customs Service Act, 2023 will improve the service’s revenue generation,’’ Mr Isah said.
According to him, the service is looking forward to cargo tracking in collaboration with the relevant government agency, the Shippers Council, to effectively monitor cargo and vessel movement to diversion or theft.
He also said decongesting the nation’s ports was proposed to promote efficient and effective port operations, which could yield more revenue.
(NAN)
