In a bid to address Nigeria's burgeoning debt crisis, the Senate Committee on Customs contemplates raising the revenue target for the Nigeria Customs Service (NCS) in the latter half of 2024.
The current target stands at N5 trillion for the fiscal year. Isah Jibrin, Chairman of the Senate Committee on Customs, emphasized the need for internally generated revenue to alleviate the country's debt burden.
Jibrin highlighted Customs' pivotal role and urged the blocking of potential revenue leakages. Adewale Adeniyi, Comptroller-General of the NCS, acknowledged the challenges posed by exchange rate volatility and stressed the importance of collaboration between monetary and fiscal authorities.
The proposal sparks discussions on the trade-offs between importers and the nation's fiscal health, with concessions potentially limited to specific sectors such as solid minerals and agriculture
