Budgeting Latest News Revenue

Customs Service Generates Over N1trn Into Federation Account

The Nigeria Customs Service (NCS) has announced N1,012,259,006,779.74 as gross revenue it raked into the Federation Account in the current year, even as its collections for the six working days in the year are yet to be captured in its books.

The amount represented highest revenue collected ever by the agency as its revs up the implementation of the Presidential mandate to Restructure, Reform and Raise revenue (3Rs).

The revenue generated showed that the Service surpassed the target set for it in the year’s budget totalling N770,573,730,490 by a whopping N241,685,276,289.74. The about N1 trillion raked in also was above the N898,673,857,431.07 collected last year.

The Comptroller-General of Customs, Col. Hameed Ibrahim Ali (rtd) had embarked on strategic reform measures, including redeployment of officers and men of the Service, overhauling and re-training of the operatives of the Customs Intelligence Unit, and maximizing the potential of automation through monitoring, tracking infractions, blocking and recovering lost revenues to improve the efficiency of its operations over the past months.

Other features of the restructuring measures are, deliberate re-invigoration of anti-smuggling operations, setting up a Compliance Team to serve as the third layer of security, reward for hard work in terms of promotion and other incentives for officers and men in the Service and engagement of stakeholders to secure their buy-in to the reform measures.

Available statistics showed that the NCS’ recent anti-smuggling operations had led to thousands of  assorted contraband good seizures with over N11 billion raked in and also helped to increase levels honest declarations and correct payment of duties by importers.

The Service’s Public Relations Officer, Joseph Attah, stated that the Service would have performed better if not for paucity of funds.

To improve on its level of performance, in the face of daunting odds, particularly the menace of smugglers and the life-threatening risks associated with their nefarious activities along the borders, the CGC has directed sustained onslaught against smugglers, especially in this festive season to mitigate their havocs on the economy through duty payment avoidance.

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