The Senate, on Wednesday, approved the sum of N369.04 billion as the budget for the Nigeria Customs Service for the 2022 fiscal year.
This was just as it earmarked over three trillion revenue target for the Service in 2022.
The budget approval followed the consideration of a report by the Committee on Customs, Excise and Tariffs.
The report was laid by the Chairman, Senator Francis Alimikhena (Edo North).
Alimikhena, in his presentation, said out of the total expenditure of N369.04 billion (NGN) approved for the NCS in 2022, N108.85 billion is for Personnel Cost; N45.89 billion for Overhead Cost; and N214.30 billion for Capital Cost.
Giving a highlight of the NCS budget, he explained that the service in 2022 would implement the E-Customs project to include the automation of Customs agency licenses and Vehicle Identification Numbers.
He stated that the NCS in collaboration with relevant government agencies would pursue improved internally generated revenue by implementing the 2021 Finance Act.
According to the lawmaker, the excise duty of 6 per cent on telecommunication services and N10 per litre on carbonated drinks is expected to commence fully within the 2022 fiscal year.
Out of the N3.019 trillion revenue target, Import Duty of N1,693,157,559,312.00; Excise Duty N161,695,617,629.00; and N3,717,140,635.00 on Fees and Penalties are expected to be remitted to the Federation Account.
Levies accruing to the Federation Account include CET Levy – N70,178,545,176.00; Wheat Flour levy – N837,418,335.00; Wheat Grain levy – N87,450,026,612.00; 100% Rice levy N15,070,518.00; and 100% Cigarette levy – N1,888,165,554.00.
Revenue accruing to the Non-Federation Account are 7% Surcharge – N76,175,498,801.00; 5% Sugar levy N12,919,481,337.00; 1% CISS – N100,202,094,260.00; 0.5% ETLS – N52,411,346,601.00; 10% Iron/Steel levy – N1,038,736,773.00; Cement levy – N1,108,340,373.00; NESS – N2,797,028,658.00; 35% Automotive levy – N6,576,520,172.00; and Import VAT – N746,964,607,563.00.
Source: DAILY POST
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