- He noted that revenue generation is set quarterly and affected by various external factors
The Nigeria Customs Service (NCS) has reported that the ban on carbonated drinks by NAFDAC is impacting revenue generation.
Comptroller-General Adewale Adeniyi told the House of Representatives Committee on Finance that revenue collection is the NCS’s primary mandate, paid into the Consolidated Revenue Fund.
He noted that revenue generation is set quarterly and affected by various external factors.
He informed the House Committee that in 2024 fiscal year, the agency had set a target of N5.079 trillion and a monthly target of N423 billion and N1.369 billion for each quarter.
Speaking further on seizures, he said that the agency recorded 468 seizures in the first quarter of the year 2024 which was worth N1.9 trillion.
He said that most of the seizures carried out by officers of the agency were mostly on carbonated drinks, adding that the ban on the product is affecting the agency’s revenue generation capacity.
He also said that the revenue generation profile of the agency is affected by the volume of cargoes coming into the nation’s ports.
He said, “The reduction in the volume of cargoes coming into the nation’s ports has affected our revenue.
“We are looking at the projection for the second quarter of 2024 and we believe that by the end of June 2024, we would’ve been able to generate N3 billion”.
On the non-inclusion of the cost of collection of the revenue in the document submitted to the House Committee, he said it was deliberate.
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