National Telescope national telescope newspaper
By second half of this year, the Senate will increase the revenue target of the Nigeria Customs Service from the initial N5.079tn to save the country from further borrowings.
It will recalled that the Comptroller General of the NCS, Mr. Adewale Adeniyi, while addressing members of the House of Representatives Committee on Customs last week Wednesday that the NCS generated N3.21 trn in the year 2023.
However, the Chairman, Senate Committee on Customs, Isah Jibrin during a crucial meeting with NCS boss, 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.
“If somebody is bringing agricultural equipment into the economy and you try to take something out of that person in a way of import duty, that will discourage the person and that is what we are saying. It is not that anybody took that money or custom compromised in the course of their services.
“Concessions were in the interest of Nigeria to encourage importers who are going into specific areas in the economy. There is a trade-off here between importers and the country, particularly the things you think you are generating.”
