Senate sets ambitious revenue target for Customs

The Nigerian Senate has directed the Nigeria Customs Service to increase its 2025 revenue target from six trillion to ten trillion naira.

This move directly tackles widespread smuggling and increasing insecurity across the country, aiming to enhance safety and compliance.

Furthermore, Senators stressed the importance of implementing stricter enforcement and improving surveillance measures to meet new revenue targets.

Likewise, they called for increased accountability and effective policy execution among all agencies involved to ensure progress.

In addition, the committee examined the government’s tariff policy, highlighting the crucial need to enforce the 4% FOB charge.

Members expressed disappointment over the Ministry of Finance’s decision to suspend the charge, noting its significant impact on import costs.

Bello confirmed that the ministry had authorized the NCS to cease collecting the 4% FOB charge, affecting revenue collection strategies.

In response, Senator Jibrin described the suspension as potentially unlawful and demanded clarification.

He summoned the Minister of Finance, Wale Edu, to appear before the committee and explain the rationale behind the decision.

The Senate intends to hold the finance minister and other stakeholders accountable, ensuring compliance with legislative guidelines.

Moreover, the Senate’s push for a higher revenue target aligns with its broader goal of optimizing national revenue streams and enhancing security.

Lawmakers stressed that effective policy implementation is essential to curbing smuggling and achieving economic stability.

They also believe that increased revenue will support vital development and security initiatives.

As discussions continue, the Senate remains committed to ensuring all government agencies operate lawfully and contribute meaningfully to national progress.

By demanding accountability and stronger enforcement, lawmakers hope to foster stability, reduce smuggling, and promote sustainable development across Nigeria.

Ultimately, the Senate’s actions demonstrate their commitment to tackling the nation’s fiscal and security issues.

They achieve this through decisive oversight and effective policy measures, showing a clear dedication to addressing these challenges proactively.