“Senate Plans to Increase Customs Revenue Target to N5 Trillion

“Senate Urges Nigeria Customs Service to Ramp Up Revenue Target to N5 Trillion Amid Debt Concerns

In a bid to alleviate the country’s burgeoning debt burden, the Senate has signaled its intent to raise the Nigeria Customs Service’s (NCS) 2024 revenue target to N5.079 trillion. Chairman of the Senate Committee on Customs, Isah Jibrin, conveyed this message during a pivotal meeting held on Monday with Adewale Adeniyi, the Comptroller General of the Nigeria Customs Service, alongside other top officials.

Jibrin underscored the urgent need to bolster internally generated revenue as a means to mitigate the necessity for additional borrowings. He emphasized the pivotal role of Customs in this endeavor, given its status as a significant contributor to government revenue.

Expressing concern over the country’s mounting debt obligations, Jibrin highlighted the imperative for Customs to curtail revenue leakages effectively. By enhancing revenue collection and plugging perceived loopholes, Customs could potentially generate a substantial income stream, thereby aiding Nigeria’s efforts to alleviate its debt burden.

The proposed increase in the revenue target signals a proactive approach by the Senate to address the nation’s fiscal challenges. By prioritizing revenue generation and fiscal prudence, policymakers aim to steer the country towards a path of financial sustainability and reduced reliance on external borrowing. As discussions continue, stakeholders await further developments in Nigeria’s quest for economic stability and fiscal responsibility.”