BREAKING: Revving Up The Economy: Senate Eyes Revenue Boost As Nigeria Customs’ Target Set To Soar

In a bold move to strengthen the nation’s financial standing, the Senate is contemplating a significant increase in the revenue target for the Nigeria Customs Service (NCS), currently set at N5.079 billion.

This strategic proposal, anticipated in the latter half of 2024, aims to curtail the necessity for additional borrowing, signaling a proactive approach to economic challenges.

Disclosed during a meeting with the Comptroller General of the NCS, Adewale Adeniyi, and other high-ranking officials, the Senate Committee on Customs, chaired by Senator Isah Jibrin, underscored the pivotal role of revenue-generating agencies in bolstering the economy.

Addressing concerns over unemployment rates, Senator Jibrin emphasized that Customs alone cannot be the panacea for job creation, urging prudent employment practices.

While acknowledging pressure to exceed the current benchmark of 1,600 employees, he stressed the importance of sustainable job creation within the agency’s means.

In response to lawmakers’ queries, CG Adewale Adeniyi revealed the NCS’s initiative to seek government approval for granting waivers to owners of smuggled cars.

This move aims to encourage regularizing Customs duties payment for illegally imported vehicles. Individuals with such vehicles or unpaid duties will have a three-month window to visit Customs House for assessment and payment.

Assuring transparency and accessibility, Adeniyi pledged ample publicity to ensure that those affected can rectify their situations within the specified timeframe, aligning with the Senate’s broader strategy to foster economic growth and fiscal responsibility.