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Senate approves N369.04bn budget for Customs in 2022

Senate approves N369.04bn budget for Customs in 2022

PRESS STATEMENT

 

Senate Approves N369.04bn Budget For Customs in 2022

 

…Gives Agency N3.019tr Revenue Target

 

The Senate, on Wednesday, April 13, 2022 approved the sum of N369.04 billion Naira for the Nigeria Customs Service (NCS) 2022 Budget. 

 

Just as the Chamber has also pegged the sum of N3, 019, 133, 200, 308:00 as revenue target for the Service in 2022.

 

The approval of the estimates followed the consideration of the Bill’s report presented by the Committee on Customs, Excise and Tariffs. 

 

The report was laid and presented by the Committee Chairman, Sen. Francis Alimikhena (Edo North).

 

Sen. Alimikhena, while presenting the report said out of the total expenditure of N369.04 Billion Naira approved for the NCS in 2022, the sum of N108.85 Billion Naira is for Personnel Cost; N45.89 Billion Naira for Overhead Cost; and N214.30 Billion Naira is for Capital projects. 

 

Highlighting the NCS 2022 budget, the lawmaker explained that the Service would in 2022 implement the E-Customs Project to include the Automation of Customs Agency Licenses and Vehicle Identification Number.

 

He added 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 percent on telecommunication services and N10 per litre on carbonated drinks is expected to commence fully in 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.

 

Signed:

 

Dr. Ezrel Tabiowo, FAI, FIMC, CMC, FCP, Fsca

 

Special Assistant (Press)

To President of the Senate 

 

Wednesday, April 13, 2022

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