The Nigeria Customs Service has revealed plans to generate at least N6 trillion as Internally Generated Revenue (IGR) for the Federal Government next year.
The Comptroller-General, Mr. Adewale Adeniyi, stated this at the 2024 budget defense before the House of Representatives Committee on Appropriation yesterday in Abuja.
Adeniyi said that the cash was higher than the N5 trillion originally projected in the budget.
“I share the optimism of increasing the revenue to N6 trillion in 2024. So, N6 trillion revenue in 2024 is possible,’’ he said.
The Service would be able to generate the N6 trillion revenue if the Federal Government reduced concession grants in 2024.
‘’The new law will also help us to facilitate a number of issues that will make revenue generation possible,’’ he said.
He frowned at frequent import waivers by government, saying that it was one of the factors that had impeded revenue generation.
‘’If we can get N1.8 trillion in one year that shows the N6 trillion revenue for 2024 is achievable,” he said.
He said many of the goods at the ports were yet to be cleared, adding that when the NCS looked into its system, a number of bill laden were not opened.
He said when an internal audit was conducted, it showed that the NCS realised over N11 billion from that exercise, adding that there were still lots of goods yet to be cleared.
Speaking on import duty exception, Adeniyi said it was usually a presidential order given through the Minister of Finance.
Rep. Abubakar Bitchi, the Chairman of the Committee, commended Adeniyi for his efforts to generate more revenue for the government.
“Is there a possibility to increase your revenue, we will be glad if you can make it N6 trillion for 2024,’’ he said.
