In a groundbreaking revelation, the Nigeria Customs Service (NCS) has unveiled its ambitious plan to generate a staggering N6 trillion as Internally Generated Revenue (IGR) for the Federal Government in the upcoming fiscal year. This revelation came to light during the 2024 budget defense session as the Comptroller-General of the Service, Adewale Adeniyi, appeared before the House of Representatives Committee on Appropriation in Abuja on Monday.
Adeniyi, while presenting the Customs Service’s budget proposal, indicated that the targeted revenue of N6 trillion surpasses the initial projection of N5 trillion outlined in the budget. Expressing confidence in achieving this ambitious goal, Adeniyi stated, “I share the optimism of increasing the revenue to N6 trillion in 2024. So, N6 trillion revenue in 2024 is possible.”
The Comptroller-General went on to elucidate that the realization of this lofty target hinges on a reduction in concession grants by the Federal Government in the coming year. Adeniyi cited the adverse impact of frequent import waivers, emphasizing that these concessions impede the Customs Service’s ability to generate revenue effectively.

Highlighting a key factor contributing to the feasibility of the N6 trillion target, Adeniyi pointed out that numerous goods at the ports were yet to be cleared. Upon scrutinizing the Customs Service’s system, he revealed that several bills laden with potential revenue were still unopened. Adeniyi optimistically asserted, “If we can get N1.8 trillion in one year, that shows the N6 trillion revenue for 2024 is achievable.”
In response to Adeniyi’s presentation, the Chairman of the House of Representatives Committee on Appropriation, Rep. Abubakar Bitchi, commended the Comptroller-General for his dedicated efforts to bolster government revenue. Expressing the committee’s support for the Customs Service’s revenue target, Bitchi remarked, “If there is a possibility to increase your revenue, we will be glad if you can make it N6 trillion for 2024.”
Bitchi underscored the importance of revenue-generating agencies playing a pivotal role in realizing the objectives of the Renewed Hope Agenda championed by President Bola Tinubu. He emphasized that the success of the 2024 appropriation bill would be contingent on these agencies generating sufficient revenue to meet the substantial N27.5 trillion budget.
As the NCS sets its sights on this ambitious revenue target, the unfolding developments signal a critical juncture in the nation’s fiscal landscape. Infostride News remains committed to bringing you in-depth coverage of the evolving financial dynamics that shape Nigeria’s economic trajectory. Stay tuned for further updates as we delve into the intricacies of this groundbreaking initiative by the Nigeria Customs Service.
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