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Friday, February 23, 2024

Nigeria Customs sets ambitious revenue target of N5.1tn for 2024

Comptroller-General Adewale Adeniyi outlines the challenges and expectations as Customs officers gear up for an increased revenue projection

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In a declaration ceremony held at the Nigeria Customs Service (NCS) headquarters in Abuja, Comptroller-General Adewale Adeniyi unveiled the formidable task ahead, announcing that the NCS generated slightly above N3tn in 2023. Looking towards the future, Adeniyi revealed the ambitious revenue projection for 2024, standing at N5.1tn, emphasizing the commitment to meeting this target.

Adeniyi, addressing newly promoted officers during the ceremony, acknowledged the challenges facing the NCS in a national economy reliant on Customs-generated revenue to fund the budget. The Customs boss highlighted the integral role played by the NCS in supporting economic operators, importers, and exporters, making it imperative for the service not to disappoint stakeholders.

As the NCS grapples with economic expectations, Adeniyi called upon the newly promoted officers to lead the charge in realizing the budget for 2024. Stressing the importance of integrity and teamwork, he urged officers to bring stakeholders closer to the heart of Customs operations.

During his address, Adeniyi reflected on the significance of the NCS’s role in Nigeria’s economic landscape, emphasizing the responsibility to deliver on the mandates set forth. He urged officers to recognize the burden on their shoulders and work collectively to achieve the objectives laid out for the service.

Previously, in a meeting with the House of Representatives Committee on Appropriations on December 11, 2023, Adeniyi had outlined the Customs’ revenue target of over N5tn for 2024, with lawmakers pushing for an even higher target of N6tn. The customs boss clarified that the primary sources of revenue included duties on imported goods and excise duty on locally produced goods.

Despite the earlier push for a higher target, Adeniyi assured that the promotion exercise conducted for 2023 was thorough and fair. Dismissing rumors of a supplementary promotion exercise, he affirmed the service’s commitment to issues of welfare and career progression among its officers.

As the Nigeria Customs Service faces the economic challenges of 2024, the focus on achieving the revenue target remains a critical aspect of the nation’s fiscal strategy. Stakeholders will be closely watching as the NCS navigates the complexities of revenue generation to support national development projects.

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