The House of Representatives say the N1.3trillion revenue projection for 2022 by the Nigeria Customs Service was inadequate and unacceptable.
The House Committee on Finance expressed expectations in the region of N2.5 trillion from the Service.
In his presentation before the James Faleke-led committee , the Comptroller General of Customs, Col. Hameed Ali, (rtd), had announced the agency’s revenue projection of 1.33 trillion for 2022, saying it was realizable, with the hope that it surpasses same in the course of the year.
He added: “We came up with a figure that is realizable, then whatever comes thereafter, it’s our hope that we will surpass that. We try to be as realistic as we can in our proposal”
Puncturing Ali’s revenue projection, the legislators said it was too low for Nigerians.
Hon. Leke Abejide said the projection is ridiculous on the strength of the current devaluation of the Naira, adding that he expected the agency’s proposal to be N2.5 trillion and above.
He added: “This is very ridiculous because now the Naira has devalued already so you will discover that the volume of money you’re getting, if you want to get the real value you will see that it’s not real improvement. So I expected the proposal to be from 2.5 trillion and above. So if you look at the value of the Naira that’s going down, it needs upward review. So please take note of the parameters and secondly the finance act has been passed, There are so many ways we can get revenue now better than last year.”
Alos, Hon. Muktar Ahmed, said there’s no way the committee will accept anything less N3 trillion from Customs.
Chairman of the committee, James Faleke, said that at the beginning of every year, the Budget Office takes a critical look at expected revenue generation of the country.
He supported his colleagues position, adding that the committee needs to obtain concrete commitment from agencies so that Nigerians can be happy with their report when laid before the House.
He added:”CG, the issue is this, what the budget office works with is the figures available to them on paper. And at the beginning of the year, for results to be achieved they will like to see what’s coming in. We are saying no, that your gross revenue generation is low given all the available opportunities that you have; when you also look at your previous performance 2020 to 2021. For us as a committee on finance, we will not accept the N1.3 trillion, I am sure by the time our report comes out, you will be pleasantly happy.”
