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Senate approves N257.18bn for Customs in 2021

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Senate approves N257.18bn for Customs in 2021

The Senate, on Wednesday, approved the sum of N257,183,671,694.71 (Two hundred and fifty-seven billion, one hundred and eighty-three million, six hundred and seventy-one thousand, six hundred and ninety-four naira, seventy-one kobo only) as the budget for the Nigeria Customs Service (NCS) for the 2021 financial year.

The approval followed the consideration of a report by the Committee on Customs, Excise and Tariffs.

Chairman of the Committee, Senator Francis Alimikhena (APC, Edo North), in his presentation, said out of the amount budgeted for the Customs in the 2021 financial year, the sum of N99,719,722,681.71 is for Personnel Cost; N19,530,769,000.00 for Overhead; and N137,933,180,013.00 for Capital Cost.

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Giving a breakdown of the revenue framework, Alimikhena said the Committee increased the NCS revenue target from N1,465,345,719,428.00 (one trillion, four hundred and sixty-five billion, three hundred and forty-five million, seven hundred and nineteen thousand, four hundred and twenty-eight naira) to N1,678,715,061,014.00 (one trillion, six hundred and seventy-eight billion, seven hundred and fifteen million, sixty-one thousand and fourteen naira).

According to the lawmaker, “in the 2021 fiscal year, NCS revenue target was pegged at N1.465 trillion comprising of N1.267 trillion for Federation Account and N197.996 billion for Non-Federation Account, respectively.

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However, the Senate Committee deemed this target to be inadequate, while taking cognisance of the recently assented Finance Act, 2021.”

He explained that other factors such as an expansion of excisable items, excise duties of carbonated drinks; tariff review on vehicles; re-opening of the border; and projected increase on the collectable duty of imports informed the upward review of revenue target for the NCS.

He added that expected revenue are from seven per cent cost of collection for 2021 projected at N111,573,991,091; two per cent VAT share of NCS – N7,500,000,000; sixty per cent share of CISS – N47,007,935,827; and Retained Earnings for Ongoing Projects, 2020 – N91,101,744,776.51.

Vanguard News Nigeria

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