Customs Eyes N1.465tr revenue
The Comptroller-General, Nigeria Customs Service (NCS), Col. Hameed Ali (rtd) on Thursday told the Senate that agency plans to generate N1.465 trillion into the Federation Account this year.
Hameed spoke in Abuja when he appeared before the Senator Francis Alimikhena-led Senate Committee on Customs, Excise and Tariff to defend the 2021 Budget of the agency.
According to him, when compared with the 2020 revenue target, the 2021 revenue target is higher by N85 billion or 5.80 per cent.
He said NCS has proposed to spend N242.45 billion for the 2021 fiscal year.
He added that the funds would be sourced from its seven per cent cost of collection for 2021 which is N96 94 billion; 60 per cent Comprehensive Import Supervision Scheme (CISS) put at N47.01 billion; two per cent Value Added Tax (VAT) share of NCS which is N07.40 billion; outstanding liabilities of N91.10 billion, amounting to N242.45 billion.
He said the expected income would be used as follows: Personnel cost – N99.72 billion, representing 41.13 per cent; Overhead cost is N19.53 billion, representing 8.06 per cent and Capital cost, N123.20 billion, representing 50.81 per cent.
The Senate Committee however decried concessioning of import duties collection by the NCS.
It insisted that there is nowhere in the world where such an essential service is being outsourced to private firms.
It said it was unacceptable to entrust such an assignment to foreign firms rather than engaging Nigerians or its staff.