The Comptroller General of Customs Service, Col Hamed Ali says the Service has set a revenue target of N3.02tn for 2022.
Ali disclosed this on Thursday while defending the 2022 budget of the agency before the Senate Committee on Customs, Excise and Tariff.
He said the agency is expecting N2.02tn from the federation, N253.23bn from non-federation, N746.96bn from import Value Added Tax He adding that this new target is N965.42bn higher than the agency’s target for 2021, and N1.55tn higher than what the National Assembly (N1.47tn) set for revenue generating agencies in 2022.
Ali said the agency has a proposed budget expenditure of N369.14bn for the 2022 fiscal year, which would be partially funded from the 7 per cent cost of collection for 2022 estimated at N151.84bn.
According to him, the target revenue of the agency for the year is high and at risk of hurting the economy if increased any further.
He added that the NCS will spend N108.85bn on personnel cost, N45.89bn on overhead cost, and N214.30bn on capital expenditure.
