The federal government, aiming to reduce the country’s debt and address unemployment, announced its plans to enhance revenue generation through the Nigeria Customs Service.
In a meeting on Monday with the Comptroller General, Adewale Adeniyi, and senior management officials, Senator Isah Jibrin, Chairman of the Senate Committee on Customs, unveiled initiatives to increase the agency’s revenue target from N5.079 trillion, effective from the second half of the year.
This strategic move aims to mitigate further borrowing and bolster internal revenue.
Senator Jibrin emphasized the imperative of reducing Nigeria’s debt burden, highlighting the pivotal role of Customs in generating internal revenue.
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He underscored the need to curtail additional borrowing by maximizing revenue collection, with Customs positioned as a significant contributor.
Regarding concessions granted to certain sectors like agriculture, Senator Jibrin clarified that these concessions are aimed at supporting key sectors of the economy.
He emphasized the importance of balancing revenue generation with facilitating economic growth through targeted concessions.
Addressing Nigeria’s high unemployment rate, Senator Jibrin acknowledged the limitations of Customs in absorbing all job seekers but expressed the Senate’s commitment to pushing the agency to exceed its current employment benchmark.
During the meeting, the Comptroller General revealed Customs’ proposal to seek government approval for granting waivers to owners of smuggled cars, allowing them to regularize customs duties payment.
Additionally, concerns were raised about the volatility of the naira exchange rate, reflecting shared apprehension among officials about its impact.
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