Senate approves N257.18bn for Customs in 2021

By Haruna Salami 
Senate, on Wednesday, approved sum of 257,183,671,694.71 as for Nigeria Customs Service, NCS for 2021 financial year. 
approval followed consideration of a report by Committee on Customs, Excise and Tariffs by it’s Chairman, Senator Francis Alimikhena (Edo ).
In his presentation, Alimikhena said out of the amount budgeted for the Customs in the 2021 financial year, the sum of 99,719,722,681.71 is for Personnel Cost; 19,530,769,000.00 for Overhead; and 137,933,180,013.00 for Capital Cost. 

 Giving a breakdown of the revenue framework, Alimikhena said the Committee increased the NCS revenue target from 1,465,345,719,428.00 (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) 1,678,715,061,014.00 (one trillion, six hundred and seventy-eight billion, seven hundred and fifteen million, sixty-one thousand and fourteen naira). 

 “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. However, the Senate Committee deemed this target be inadequate, while taking cognizance of the recently assented Finance Act, 2021″, said.

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

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