The Senate, on Wednesday, approved N257,183,671,694.71 as the budget for the Nigeria Customs Service (NCS) for the 2021 financial year.
A statement by Ezrel Tabiowo, Special Assistant to the Senate President, said the approval followed the consideration of a report by the Committee on Customs, Excise and Tariffs.
The statement said N99,719,722,681.71 is for personnel cost; N19,530,769,000.00 for overhead; and N137,933,180,013.00 for capital cost.
It said the Senate Committee on Customs, Excise and Tariffs, increased the NCS revenue target from N1,465,345,719,428.00 to N1,678,715,061,014.00.
“In the 2021 fiscal year, NCS revenue target was pegged at N1.465 trillion comprising N1.267 trillion for Federation Account and N197.996 billion for Non-Federation Account, respectively. However, the Senate Committee deemed this target to be inadequate, while taking cognizance of the recently assented Finance Act, 2021,” the statement said.
It added that expected revenue are from seven percent cost of collection for 2021 projected at N111,573,991,091; two percent VAT share of NCS – N7,500,000,000; sixty percent share of CISS – N47,007,935,827; and Retained Earnings for Ongoing Projects, 2020 – N91,101,744,776.51.