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The House of Representatives Committee on Finance has rejected the N1.33 trillion target revenue by the Nigerian Customs Service (NCS) for the 2022 fiscal year.
The committee at its 2022 to 2024 Medium-Term Expenditure Framework/Fiscal Strategy Paper (MTEF/FSP) interactive session with Ministries, Departments and Agencies (MDAs) said the amount was low.
Mr Leke Abejide (SDP-Kogi) said that with the recent devaluation of the Naira, he expected that the proposal of the NCS should be N2 trillion and above.
He said the exchange rate for 2021 was N381 to a dollar and the targeted revenue generation was N1.6 trillion, adding that the service should factor in the devaluation of the Naira and increase their target.
The lawmaker said the service would still surpass an upward review target, adding that the new Finance Act had empowered the service to generate more revenue from alcoholic beverages and tobacco as against 2021.
Mr Ahmed Muhktar (APC-Kaduna State) said that customs should be able to generate more revenue following the ongoing deployment of technology in revenue collection.
