NCS LOST 1.8 TRILLION NAIRA TO IMPORT DUTY EXEMPTION CERTIFICATE IN 2023- CG 10-12-23
By Sadiq Aminu The Comptroller General Nigeria Custom Service Mr Wale Adeniyi, says the service lost 1.8 trillion naira in 2023 to import duty exemption certificate (IDEC)
Mr Adeniyi disclosed this when he appeared before the house of representatives committee on appropriation.
According to him, the power of issuing the certificate is vested with the President, delegated to the Minister of finance.
The figure he said, in addition to what the service generated from January to date, would have enable the NCS achieved its target.
Mr Adeniyi however, stated that if handled, there are a number of benefits that Nigeria could derive from it.
“I have seen this well executed in some developing countries, were their customs administration implement IDEC successfully and the benefits are so many in terms of regenerating the economy, interms of creating employment, interms of even tax as well as interms of ensuring that we keep our companies in production.
The Custom boss said the service targets 5 trillion naira revenue in 2024.
The Chairman house committee on appropriation Mr Abubakar Bichi, however charged the service to increase its targeted revenue of 2024 from five to six trillion naira without negative ripple effects on the citizens.
According to him, the ability of the service to achieve 82% of its revenue target in 2023 is proof that it can do more in 2024.