General news

Senate approves N1.678trn revenue target for NCS

Published

on

Senate approves N1.678trn revenue target for NCS

By Kingsley Okoye

On Wednesday, the Senate approved in plenary a total revenue target of 1.678 trillion naira for the Nigerian Customs Service (NCS) for fiscal year 2021.

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.

(NAN)

Short Link: https://wp.me/pcj2iU-3z2r

NNN

NNN: :is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor @ nnn.ng

LASG to partner German firm on agribusiness Kano Govt to inaugurate waste recycling project, create 4,000 jobs –official FG delegation to visit Ghana over Nigerian/Ghanaian traders’ conflict NGX opens week upbeat with N59bn growth Kwara launches interest-free loans for young entrepreneurs Only FG can guarantee financial autonomy for judiciary, says SAN FG declares Wednesday, Thursday, as Public Holidays to mark Eid-eI-Fitr celebration Army debunks alleged deployment of only Northern officers to S/East Buhari congratulates designer of National Flag, Michael Akinkunmi at 85 INEC increases polling units in Anambra to 5,720 U17 World cup winner, Nwakali may switch allegiance, says Agent Farming, skill acquisition, solutions to security challenges- ex-NCPC boss Malami donates car, 24 motorbikes to Ulamas Norway may ditch AstraZeneca, Johnson & Johnson jabs I don’t have links with bandits, say retired Gen. Abdulsalam Abubakar Amaechi inaugurates 11-member committee to probe activities of NPA India’s IT hub Bengaluru, rural areas struggling with virus surge NiMet predicts 3 days cloudiness, sunshine Minister Lauds Lalong for sports development initiatives Senate says MDAs yet to remit over N3trn FG committed to workers’ welfare – APC Scribe Gov. Bello calls for prayers to end insecurity Edo revenue board warns against illegal tax collection Tackling youth unemployment By Timi Olubiyi COVID-19: Buhari cancels Sallah homage to Presidential Villa PEF to encourage petroleum products transport by rail Bird flu: Hong Kong suspends import of poultry products from Poland General Abdulsalami Dismisses News Linking Him To Purported Arrested Helicopter Education board trains 600 Ekiti teachers FRSC solicits motorists’ support to minimise crashes Rugby Africa Women’s Sevens Solidarity Camp Tunis – Final report of the two-day tournament Neymar extends PSG deal until 2025 Ogun Govt., Private Firms Empower 100 Youths Coronavirus – Nigeria: COVID-19 case update (May 8, 2021) Okowa mourns ex-minister Aisha Alhassan Ogun Govt. Re-Affirms Commitment To Boost Agric Sector UNIBEN warns admission seekers against racketeers Video press release: Rugby Africa 7-a-side solidarity camp – Day 2 “I believe in united Nigeria, not secession” — Umahi Walscheid takes the 8th place of the Qhubeka ASSOS team during the first stage of the Giro d’Italia US, foundation empower school girls with technological skills Gunmen attack police stations in Rivers kill 7 officers Police arrest 8 suspected kidnappers in Osun INEC engages stakeholders on polling points’ conversion in Oyo Opening remarks by the WHO DG at African emergency meeting on the COVID-19 situation Coronavirus – Zimbabwe: COVID-19 update (May 7, 2021) Ramadan: RMAFC Chairman Mbam urges Nigerians to be tolerant, brothers’ keepers B-roll: African rugby teams meet to prepare for the Olympics and Olympic draft – Day 1 Troops foil kidnap attempt, kill 1 bandit in Kaduna D’banj leads Nigeria to Motorsport Championships