NCS Targets N937.28bn From Import Duty, Others This Year
The Nigeria Customs Service is targeting to generate a total revenue of N937.28bn for the government in the 2019 fiscal period.
The figure is contained in the NCS 2019-2021 revenue projections which were submitted to the National Assembly.
The N937.28bn target for the 2019 fiscal period is an increase of N21.39bn over the N915.88bn approved for the service in the 2018 budget.
The service, however, surpassed the N915bn 2018 revenue target by N37.15bn as it generated the sum of N1.2trn.
The 2019 budget has an estimate of N8.83tn made up of N4.04tn for recurrent expenditure, N2.03tn for capital expenditure and N2.14tn for debt servicing, among others.
To finance the budget, the Federal Government is planning to generate a total revenue of N7.92tn within the year from various revenue sources.
Details of the revenue projections of the NCS which were obtained by our correspondent showed that import duty is expected to contribute N603.86bn while excise duty and fees/penalties are expected to bring in N60.28bn and N6.7bn respectively.
The document stated that the sum of N52.51bn is expected to be earned from Common External Tariff Levy, while N65.44bn, N11.27m and N1.41bn are expected to come from wheat grain levy, rice levy and cigarette levy respectively.
In the same vein, the service proposed to generate N6.68bn from 35 per cent automotive levy; N691.17m from cement levy; N647.7m from steel levy and N8.05bn from sugar levy among others.
The service in the document explained that it would adopt new measures to improve revenue performance for the 2019 fiscal period.
It said, “Pursuant to the corporate goal ahead, every manifesting opportunity must be utterly exploited while the adoption of new measures that could empower the management of other potential opportunities shall be of concern to the service.
“The proposed automation of all forms of manual payment in every Customs formation is geared towards enhanced revenue and budget performance. This approach will certainly culture the integrity and sanity of the service operations.
“There shall be a holistic assessment and monitoring of all revenue collected on behalf of the service by the various designated commercial banks.
“This will create avenue for genuine reconciliation of all accrued revenues against claimed remittances to various designated government accounts. This will also guard against diversionary of any collectible revenue.”
The service in the document stated that the planned automation of all transit procedures from mother ports to bonded terminals would drastically reduce several transit leakages caused by diversion from cargo among others.
It added that the modification and automation of excise and export platform would also increase revenue generation.
It added, “The use of Government Integrated Financial Management Information System module to enhance appropriate collection, reconciliation and audit trail of all proceeds will ensure that all opportunity to defraud the system is blocked.
“The long expected purchase of scanners and their installations at the various key Customs formations are intended to streamline the current inefficient manual method of cargo examination. This would aid trade facilitation and also increase revenue generation drive.”
The Service noted that there would be deliberate anti-smuggling campaign beyond common boundary in order to curb trade irregularities and economic sabotage.
