The Nigeria Customs Service has set a revenue target of N3.02 trillion for 2022.
This was revealed on Thursday by the NCS Comptroller General, Colonel Hameed Ali (ret.), while defending the agency’s 2022 budget before the Senate Committee on Customs, Excise, and Tariffs.
According to him, the agency expects N2.02 trillion from the federation, N253.23 billion from non-federation, and N746.96 billion from import VAT. He went on to say that the new target is N965.42 billion higher than the agency’s target for 2021, and N1.55 trillion higher than the N1.47 trillion set by the National Assembly for revenue-generating agencies in 2022.
Ali stated that the agency has proposed a budget expenditure of N369.14bn for the fiscal year 2022, which would be partially funded by the 7% cost of collection for 2022, which is estimated at N151.84bn.
According to him, the agency’s revenue target for the year is high and, if increased further, risks harming the economy. He also stated that the NCS will spend N108.85 billion on personnel, N45.89 billion on overhead, and N214.30 billion on capital expenditure.
Senator Francis Alimikhena, Chairman of the Senate Committee on Customs, Excise, and Tariffs, stated that the agency must resolve the scanner issue if it is to meet its revenue target.