The House of Representatives Committee on Appropriation on Steel, and the Nigeria Customs Service (NCS), has agreed to an increase in the revenue target of the service from five trillion naira to six trillion naira for the 2024 fiscal year.
The 2024 Appropriation Bill currently being considered by the National Assembly had a proposal of five trillion naira as target for the NCS.
The agreement was arrived at Monday when Comptroller General of Customs, Mr Adewale Adeniyi, appeared before the committee, during which chairman of the committee, Hon. Abubakar Bitchi, appealed to Adeniyi for the increase.
“Is there a possibility to increase your revenue? We will be glad if you can make it six trillion naira for the 2024 revenue target”, he said.
He pointed out that the Renewed Hope Agenda of President Bola Tinubu would not be achieved unless the revenue-generating agencies increase their targets and work in earnest to achieving them.
In his response, the CG said: “I share the optimism of increasing the revenue to N6 trillion in 2024. So six 6 trillion naira in revenue in 2024 is possible”, adding however that if the federal government was able to review the issue around concession grants in 2024, the NCS might be able to realise the six trillion naira in revenue.
“The new law will also help to facilitate a number of issues that will make revenue generation possible”, he said.