21 April 2021 By James Itodo
The Senate has approved the sum N1.678 trillion revenue target collection for the Nigerian Customs Service , NCS,for the 2021 fiscal year.
It also approved a total expenditure of N257 billion including retained earning for ongoing projects for the 2021 financial year as proposed by the committee.
The approval was sequel to the consideration and adoption of the report of the Senate Committee on Customs, Excise and Tarrifs.
Earlier, Chairman of the Committee, Senator Francis Alimikhena said the NCS had proposed revenue target of N1.46 trillion comprising N1.267 trillion for Federation Account and N197.996 billion for non-federation Account .
He however, explained that the Senate Committee deemed the target to be inadequate, considering the recently assented Finance Act, 2021 and expansion of excisable Items, excise duties of carbonated drinks,tariff review on vehicles, re-opening of border among others.