By Kingsley Okoye
It also approved a total expenditure of N257 billion for the service, including retained earnings for its ongoing projects for the year, as proposed by the Senate Committee on Excise Tax and Tariffs.
The approval followed consideration and adoption of the Senate committee report after Senate Speaker Ahmad Lawan put it to a vote.
Introducing the report, committee chair Senator Francis Alimikhena (APC-Edo) said the NCS had proposed a revenue target of 1.46 trillion naira.
Alimikhena said the revenue target included 1,267 billion naira on behalf of the Federation and 197.996 billion naira for the non-federated account.
He said the committee, however, found the target inadequate, taking into account the recently signed 2021 finance law and the expansion of excise items.
The chairman of the committee listed other excisable products such as soft drinks in addition to the revision of tariffs on vehicles and the reopening of the border, among others.
Alimikhena added that another reason for the increase in the target was the increase in the Central Bank of Nigeria‘s official rate of the Naira against the dollar.
He said, “This means that the duty to be collected on each import will increase in naira only when the rate was N381 to one dollar.
“All of this will dramatically increase the NCS revenue target for the 2021 budget year.
“Taking into account the trend not taken into account in the medium-term expenditure framework (MTEF 2020), the committee thus increases the NCS revenue target from 1.46 trillion naira to 1.678 trillion naira.”
He said the cost of collection was set at 1.7 percent, while value added tax (VAT) was set at 2.2 percent.
According to him, the proposed expenditure of 257 billion naira, including retained earnings for ongoing projects for fiscal year 2021, was approved by the committee.
Before approval, the senses. Bala Ibn’Nala (APC-Kebbi) and Sam Egwu (PDP-Ebonyi)requested clarification on budgeted revenue of 180 million naira for funmigation and a provision of 2 billion naira as an incentive for civil servants to retire.
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