Politics
Senate Wants Customs To Increase N5tr 2024 Revenue Target
The Senate, Monday, counselled the Nigeria Customs Service (NCS) to find ways of increasing its N5.079 trillion revenue target for 2024.
Chairman, Senate Committee on Customs, Isah Jibrin, gave the advice at a meeting with the agency’s Comptroller General, Adewale Adeniyi, and top management team in Abuja.
He said: “First of all, Nigeria is saddled with a lot of debt obligations and we need to wriggle ourselves out of that trap, and one of the ways to do that is internally generated revenue. Customs is one of the major providers of internally generated revenue, and as it is today, we expect them to play one of the major roles in this drive to reduce our debt burden.
“We need to pay off what we are owing now and minimise additional loans we are going to take. Customs is in a very good position; if they can block all perceived leakages, they should be able to generate a significant amount of income that will enable Nigeria to get out of debts, at least partially.”
On concessions given to some sectors of the economy, the Kogi East representative clarified that the incentives were for those into agriculture, solid minerals and others whose services have direct impact on the economy.
He continued: “If somebody is bringing agricultural equipment into the economy and you try to take something out of that person in a way of import duty, that will discourage the person and that is what we are saying. It is not that anybody took that money or Customs compromised in the course of their services.
“Concessions are in the interest of Nigeria to encourage importers to boost the economy. There is a trade off here between importers and the country, particularly the things you think you are generating.”
On the unemployment rate in Nigeria, which he described as “very high,” Jibrin observed: ”Customs is not the only employer of labour. They can only employ the number they believe they can adequately take care of, and we are putting them under pressure to exceed the 1,600 benchmark.
“We may not get beyond 2000, but for sure, we will get 1,600 and like we all know, there are so many unemployed Nigerians out there. I will always say it is difficult for the NCS to absorb all unemployed Nigerians, but they can only employ those they can.”
The NCS CG said his organisation was seeking approval to give waivers to owners of smuggled cars to allow them regularise their payment of duties.
On the naira exchange rate, Adeniyi said he is equally pained by the volatility in the exchange rate regime.
He observed: “In fact, even if it stays high and people can predict that this is what it will take me to clear, perhaps it is not particularly too bad, but when it is so volatile, today it is X, tomorrow it is X+10, X+20, it does not make for adequate planning and things like that.
“Correctly, it is the mandate of the Central Bank of Nigeria (CBN) to fix the rate, either the one we use during the Medium Term Expenditure Framework (MTEF) or the one we use for importation, or the one used for payment of customs duties. I have been in discussions with my minister. Perhaps, what you are going to advocate is that there would be a meeting point between authorities of government that oversee monetary policy and those in charge of fiscal policies.
“Personally, what I think we can do is to get a spot rate for a period. We can agree that for Year 2024, this will be the spot rate for payment of customs duties. We could say for the first half of the year.”
Meanwhile, the House of Representatives was scheduled to resume sectoral debates on the financial sector, yesterday.
Recall that the Speaker, Tajudeen Abbas, in his welcome address after the Christmas and New Year recess gave insight into the sectoral briefings with various Ministries, Departments and Agencies (MDAs).
He had said: “Honourable colleagues, as noted earlier, the state of the economy is also of grave concern to us, and we must contribute to promoting sustainable economic growth. Our agenda has identified concrete measures for economic restructuring, economic diversification and agricultural development.
“All committees are directed to streamline their activities towards the realisation of our strategic objectives. The Committee on Implementation of Legislative Agenda and the Committee on Monitoring and Evaluation of activities of standing and ad hoc committees should ensure that committees and their outputs are in line with the agenda of the House.
“In this regard, I am pleased to announce that House’s sectoral briefings with MDAs will resume immediately. Accordingly, we shall engage with MDAs and principal actors in the finance sector on Tuesday, February 6, 2024. This engagement will assess the nation’s readiness to mobilise the necessary financial resources for implementing the budget.”
The Tide source reports that Prof. Akinoso was elected alongside 38 other executive members of the party at the congress held on Saturday.
Other executive members are Dr Abiola Olaonipekun, who emerged as Secretary, Alhaja Latifah Latifu, Women Leader and Mr A. Adeleke, elected as Youth Leader.
It was learnt that the congress, which took place at the Obafemi Awolowo Stadium, Oke Ado in Ibadan, was attended by representatives of the Independent National Electoral Commission (INEC), the Police, other security agencies and prominent members of the party.
The election was supervised by electoral committee members, among whom were Prince Diran Odeyemi, who served as Chairman, Hon. Awoniyi Tolulope, Mr Babatunde Gbadamosi, Queen Stepheine Oyechere, Alhaji Yusuf Abidakun, Mr Olumide Aguda and Dr Phillips Adeniyi, who served as Secretary.
Prof. Akinoso, in his inaugural address, urged members of the party to set aside intra-party differences.
He advised them to concentrate their resources on the promotion of the party, saying, “The primary responsibilities of party executive members are to coordinate party activities, ensure harmony among members, and ensure party victory during general elections.
“Our immediate assignments are to key into INEC released 2027 general election time-tables. As directed by the National Caretaker Committee of PDP, our party e-membership registration starts next week. We must be fully involved and do a membership drive.
“A political party is only relevant and benefits its members if it wins the election. This is our goal. We should set aside intra-party differences; concentrate our resources towards the promotion of the party. We will make necessary consultations and dialogue to actualise this”.
President Tinubu disclosed this during an interfaith breaking of fast with senior journalists and media executives at the Presidential Villa in Abuja on Saturday.
He also disclosed that his administration had opened up on the principles of true federalism to the extent that local governments now get direct allocation from the Federal Government.
“There’s no morning that I ever leave my house without going through the newspapers. It’s an addiction. I read all of you.
“It might not be in full detail, but headline, the one that would hit me and the ones that won’t.
“At the beginning of this administration, I was just a little bit stubborn, looking at opportunities to correct things and make life more easier for the downtrodden.
“We’ve opened up the principle of federalism to the extent that local governments are now getting their money, but how they use it is in your hands. So, don’t bombard me alone,” President Tinubu said.
The ruling party said the ADC had turned criticism of the APC-led administration into its operating manifesto instead of presenting concrete solutions to Nigeria’s economic challenges.
In a statement issued on Saturday by the APC National Publicity Secretary, Mr Felix Morka, the party dismissed the ADC’s interpretation of a report presented at a policy dialogue organised by Agora Policy which suggested that the country’s poverty rate had risen from 49 per cent to 63 per cent.
Mr Morka said the opposition party’s reaction to the report as a “damning verdict” on the government’s economic policies reflected either ignorance of economic realities or deliberate political mischief.
“The African Democratic Congress’ attempt to spin a recent report presented at the Agora Policy dialogue indicating a rise of poverty rate of 63 per cent from 49 per cent as a damning verdict on this administration’s economic policies speaks either to its shocking ignorance of economic policy or its wilful blindness to the justification for, and transformative impacts of, ongoing economic reforms,” he said.
The APC spokesman noted that the report itself recognised the necessity of reforms aimed at correcting long-standing structural distortions in the economy.
According to him, the ADC had failed to present any credible alternative policy direction for Nigerians.
“Clearly, the ADC does not recognise itself as a political party. The ADC has not articulated a single alternative policy position or prescription of benefit to Nigerians. Condemning the APC and its policies has become its operating manifesto,” Mr Morka said.
He explained that major economic decisions taken by President Bola Tinubu, including the removal of fuel subsidy and the unification of multiple foreign exchange windows, were necessary steps to rescue the country’s economy from collapse.
Mr Morka said the subsidy regime had for years placed a heavy burden on public finances, consuming trillions of naira annually while encouraging corruption, fuel smuggling and inefficiencies in the system.
He added that the reforms had helped redirect national resources to key sectors such as infrastructure, healthcare, education and social development.
The APC spokesman acknowledged that economic reforms often come with short-term hardship but stressed that the measures were essential to build a stronger and more resilient economy.
“Economic reform is never cost-free anywhere in the world. The transient hardship experienced by Nigerians was an inevitable cost of reforms meant to build and guarantee a better future for all Nigerians,” he said.
Mr Morka maintained that the country’s economic outlook was already improving, citing recent growth figures and stronger external reserves.
“Our economy has rebounded and is expanding steadily. The country’s Gross Domestic Product grew by 4.4 per cent last year and is projected to expand by 5.5 per cent this fiscal year, with foreign reserves now exceeding $50 billion,” he stated.
He also pointed to government initiatives designed to cushion the effects of economic adjustments on citizens, including cash transfer programmes, student loan schemes and the rollout of compressed natural gas (CNG) initiatives to reduce transportation costs.
Mr Morka reaffirmed that the APC-led administration would remain focused on rebuilding the economy and expanding social investments to support vulnerable Nigerians.
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