In a move that has left industry experts stunned, the National Assembly Joint Committee on Finance has jerked up the revenue target for the Nigeria Customs Service (NCS) from N6.5 trillion to N12 trillion for 2025.
This decision was made despite the NCS already surpassing its 2024 revenue target of N5.08 trillion by N1.03 trillion, collecting a total of N6.11 trillion .
The implications of this decision are far-reaching. *Increased Pressure on Customs*: The new target is nearly double the initial projection, putting immense pressure on the NCS to deliver.
This could lead to more aggressive revenue collection strategies, potentially impacting businesses and individuals.
Ambitious Target*: Industry experts believe the new target is overly ambitious, and achieving it might be challenging. This could lead to disappointment and a negative impact on the economy if the target is not met.
Potential for Increased Smuggling: With a higher revenue target, Customs may become more stringent in their enforcement, potentially driving more importers to smuggle goods. This could lead to a loss of revenue and increased illegal activities.
Impact on Businesses: The increased revenue target may lead to higher costs for businesses, particularly those involved in international trade. This could affect their competitiveness and profitability.
The NCS has its work cut out, and it remains to be seen how they will achieve this ambitious target. One thing is certain, however: the next year will be crucial for the NCS, and all eyes will be on them to see if they can deliver.
