CUSTOMS: Excise On Carbonated Drinks, Others Will Drive N2Trillion Revenue Target
The Nigeria Customs Service (NCS) has disclosed that it will pursue its E-Customs implementation; ensure excise on carbonated drinks and other programmes targeted at boosting revenue for the country as it targets N2.029 trillion revenue in 2022.
Comptroller General (CG), NCS, Col Hameed Ali (rtd) disclosed this while presenting the Service’s N369.02 billion 2022 budget estimates to the House of Representatives Committee on Customs and Excise on Monday
He informed that the Nigeria Customs reviewed its target for revenue by N965.4bn more than its target of 2021.
He added that the proposed excise on carbonated drinks will also come into effect in 2022 which he said will add to the revenue target pool for the service.
A breakdown of the budget indicated that N108.9b was for personnel cost, N45.9bn was for overheard while N214.30 billion was for capital expenditure.
According to the proposal, the budget will be financed through 7% collection for 2022 amounting to N151.8bn, 60% CISS put at N60.12 billion, 2% VAT share of NCS amounting to N14.9bn.
Other sources include retained income N114.4bn and share of the excess target of 2021 which amounts to N27.9bn.
Earlier, chairman of the committee, Leke Abejide, said the Nigeria Customs Service had continued to be a major source of revenue for the federal government to finance budgets year in year out.