Federal Lawmakers Set N1.6Trillion Revenue Target for Customs in 2021
CUSTOMS CG
*As Ali affirms plan to ban importation of vehicels above 7 years of manufacture
The House of Representatives Committee on Customs and Excise has set a revenue target of N1.679 trillion.for the Nigeria Customs Service (NCS) for the 2021 financial year.
The revenue target was set when the Comptroller-General of Customs, Col. Hameed Ali (rtd) appeared before the House Committee on Tuesday to defend the budget of the Service for this year.
The Chairman of the Committee, Hon. Leke Abejide who spoke during the meeting with the CG said, “The 2021 proposal that Customs brought to us; we compared notes of what was presented to us in the 2020 fiscal year and what was collected by the service. There was a proposal of N1.4 trillion.
“When we looked at your new proposal and the kind of noise it will generate when we get to the floor of the house, we don’t want to have problems on the floor trying to pass the budget.
“So, when we looked at what you collected in 2020 which was N1.56 trillion when you add VAT, it will look somehow illogical for us.
“We want to stand on the initial target given to you last year. We are not going to increase it, we are to stay on it at N1.679 trillion and we are not going to influence what you proposed or the target you gave to yourself on the issue of VAT.”
Ali had during the meeting explained that the Customs generated N1.211 trillion on import duties in 2020 and N350.63 billion as VAT on imports.
He said that Service is already being affected by the African Continental Free Trade Area (AfCFTA) and the World Trade Organisation (WTO) agreements which Nigeria entered into with other countries.
The CG also disclosed that there were plans to ban importation of vehicles which had been used fore more than seven years in other countries.
Ali said, “We are now working on a policy proposal that will reduce the years of the vehicles that will be imported into the country as used vehicles.
“Our own is to ensure that we have roadworthy vehicles and that is not to say that we want to kill our own home-grown industries.
“It is our hope that our own industries will begin to produce vehicles that we can afford to buy and reduce importation of used vehicles.”
The House of Representatives Committee on Customs and Excise has set a revenue target of N1.679 trillion.for the Nigeria Customs Service (NCS) for the 2021 financial year.
The revenue target was set when the Comptroller-General of Customs, Col. Hameed Ali (rtd) appeared before the House Committee on Tuesday to defend the budget of the Service for this year.
The Chairman of the Committee, Hon. Leke Abejide who spoke during the meeting with the CG said, “The 2021 proposal that Customs brought to us; we compared notes of what was presented to us in the 2020 fiscal year and what was collected by the service. There was a proposal of N1.4 trillion.
“When we looked at your new proposal and the kind of noise it will generate when we get to the floor of the house, we don’t want to have problems on the floor trying to pass the budget.
“So, when we looked at what you collected in 2020 which was N1.56 trillion when you add VAT, it will look somehow illogical for us.
“We want to stand on the initial target given to you last year. We are not going to increase it, we are to stay on it at N1.679 trillion and we are not going to influence what you proposed or the target you gave to yourself on the issue of VAT.”
Ali had during the meeting explained that the Customs generated N1.211 trillion on import duties in 2020 and N350.63 billion as VAT on imports.
He said that Service is already being affected by the African Continental Free Trade Area (AfCFTA) and the World Trade Organisation (WTO) agreements which Nigeria entered into with other countries.
The CG also disclosed that there were plans to ban importation of vehicles which had been used fore more than seven years in other countries.
Ali said, “We are now working on a policy proposal that will reduce the years of the vehicles that will be imported into the country as used vehicles.
“Our own is to ensure that we have roadworthy vehicles and that is not to say that we want to kill our own home-grown industries.
“It is our hope that our own industries will begin to produce vehicles that we can afford to buy and reduce importation of used vehicles.”
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