The Comptroller General of the Nigeria Customs Service, Bashir Adeniyi said, the currency redesign policy of the Central Bank of Nigeria (CBN) and the spillover effect of the cash crunch which slowed down the economy largely affected revenue collection of the service in 2023.

Adeniyi said that the revenue target for the year was pegged at N3. 669 trillion, and the service was able to collect N3.207 between January and December 2023 despite several factors that affected its operations.
He said, for the service to realize, or surpass its N5.1 trillion revenue target for 2024, the impediments that led to huge revenue loss of over N1 trillion in revenue in 2023 will have to be removed.

Speaking when he appeared before the House Committee on Customs and Excise in Abuja to defend the 2024 budget of the service, Adeniyi listed eight factors that militated against the revenue generation drive of the service in 2023.
He also blamed the suspension of excise policies on carbonated drinks, telecommunications charges, single-use plastics abs green tax which he said affected excise collection within the period, resulting in a drop in excise revenue

The Custom Boss further said that the service is looking forward to a timely rollout of the 2024 fiscal policy measures to enable it commence implementation policy as well as the commencement of three National Single Window projects that have lingered on for several years and are still being pursued for better process harmonization and standardization for enhanced revenue generation.

Chairman of the committee, Hon.Leke Abejide said following a thorough examination of the 2023 budget performance and the 24 budget proposal, the Committee was set to recommend the approval of the Nigeria Customs Service’s projected revenue, a 2% share of imports VAT, ongoing Capital Projects, personnel and operational costs, capital costs, and a total budget of A706,434,216,877.66

He stressed the importance of substantial provisions for Corporate Social Responsibility to enhance the agency’s relationship with communities and personnel.