Nigeria Customs Sets Revenue Target Of N3 Trillion For 2022

The Nigerian Customs Service just recently set a revenue target of N3.02 trillion.

This was revealed on Thursday by the NCS Comptroller-General, Colonel Hameed Ali (ret.), when defending the agency's 2022 budget before the Senate Committee on Customs, Excise, and Tariffs.

According to him, the agency expects N2.02 trillion from the federation, N253.23 billion from non-federation, and N746.96 billion from import VAT.

He went on to say that the new aim is N965.42 billion greater than the agency's target for 2021, and N1.55 trillion higher than the N1.47 trillion set by the National Assembly for revenue-generating agencies in 2022.

Ali stated that the agency has recommended a budget expenditure of N369.14 billion for the fiscal year 2022, which would be mainly supported by the 7% cost of collection for 2022, which is anticipated at N151.84 billion.

According to him, the agency's income target for the year is excessive and, if expanded further, risks harming the economy.

He also stated that the NCS will spend N108.85 billion on people, N45.89 billion on overhead, and N214.30 billion on capital expenditure.