Home » Customs to spend N706.4bn in 2024

Customs to spend N706.4bn in 2024

by Samson Echenim

The Nigeria Customs Service (NCS) plans to spend N706.43 billion for its 2024 operations.

The Comptroller-General of the Customs, Bashir Adewale Adeniyi, presented the Service’s 2024 budget on Monday to the Nigeria Senate Committee on Customs at the National Assembly.

The CG, while defending the 2024 budget of N706.43 billion, said the money would be expended on consolidating carried-over projects, increasing staff welfare by improving and motivating officers’ performance, and integrating technologies into Customs processes.

According to a statement by the Customs spokesman, Abdullahi Maiwada, welfare of officers of the service is at the core of the 2024 expenditure.

Regarding officers’ welfare,
Adeniyi explained that men of the Customs Service would be encouraged in various ways to increase efficiency and improve their well-being. He stated that this would be done through awards, promotions, and payment of allowances.

Additionally, the Comptroller General pledged to surpass the revenue target of 5.079 trillion naira in 2024.

The NCS revenue target for 2024 is 27.75% higher than N3.7 trillion target for 2023

Adeniyi further outlined strategies to achieve the 2024 target, including implementing the National Single Window championed by the Federal Ministry of Finance. He also harps on strategies to agonize and standardize Customs processes, port decongestion, collaboration with other agencies for efficiency and competitiveness, anti-smuggling operations, integrating ICT into operations, investing in capacity building, and stakeholder engagement, among others.

Members of the Senate Committee on Customs Matters, during the 2024 budget presentation by Customs CG, Adewale Adeniyi

The Customs boss also emphasized supporting local production and taking food security seriously. He stated, “We intend to grant waivers to vehicle owners to pay duties within a specific time to avoid sanctions and to regularize the importation of vehicles through payment of duties.”

He added, “The service plans to recruit 1,600 personnel in 2024. The low figure is due to the small vacancies we have available. These vacancies are primarily for junior staff who will carry out Customs operations and guard duties. In subsequent years, more recruitment exercises will be carried out.”

The CG however, noted that the Service had a shortfall by 12.62 percent in its 2023 revenue target, citing concessions in section 99 of the Common External Tariff (CET), import duty exemption certificates, cash crunch, general elections, and other factors affecting revenue generation negatively. He assured of a positive outcome in 2024.

Senator Isa Jibrin, Chairman of the Senate Committee on Customs, applauded the CG for the progress and success achieved in his brief tenure in Office, beckoning him to perform better as the house will support him in terms of remuneration and infrastructure to meet up with the 2024 target.

You may also like

Leave a Comment

The Nigerian Economy

The Economy is an online newspaper focusing on delivery of top-notch economic, financial and business intelligence reports for economic development. It is published by Samhapp Integrated Services Ltd., 1, Ojogiwa Street (1st floor) Off Idumagbo Avenue, Lagos Island, Lagos State, Nigeria,  West Africa



Copyright 2023 © The Economy . All Right Reserved. Developed by Jaflah!