FOR the year 2022, the Nigerian Customs Service has set a revenue target of N3.02 trillion.
Colonel Hameed Ali (retd.), the NCS Comptroller General, revealed this on Thursday when defending the agency’s 2022 budget before the Senate Committee on Customs, Excise, and Tariff.
According to him, the agency expects N2.02 trillion from the federal government, N253.23 billion from non-federal governments, and N746.96 billion from import VAT. He went on to say that this new aim is N965.42 billion more than the agency’s previous target for 2021, and N1.55 trillion more than the National Assembly’s target for revenue-generating agencies in 2022 (N1.47 trillion).
According to Ali, the agency has recommended a budget expenditure of N369.14 billion for the fiscal year 2022, which will be partially supported by the 7% cost of collection for 2022, which is expected to be N151.84 billion.
According to him, the agency’s revenue target for the year is excessive and, if expanded any more, risks harming the economy and according to him, the NCS will spend N108.85 billion on people, N45.89 billion on overhead, and N214.30 billion on capital expenditure.
