The approval followed the adoption of recommendations of report of Committee on Customs, Excise and Tarrifs on Thursday at plenary.
Presenting the report, Chairman of the Committee, Senator Jibrin Isah (APC-Kogi) said the total capital expenditure emarked for the fiscal year was N706.43 billion for the 2024 financial year.
He said personnel cost stood at N225.99 billion representing 31.99 percent of the budget, while overhead cost was N111.76billion representing 15.82 percent.
He said cost for on going capital projects stood at N148.42billion, while new projects was earmarked N220.26billion representing 52.19 percent.
According to him, the service hopes on timely roll out of the 2024 fiscal policy measures to enable it commence implementation promptly.
He said as part of its strategy, the National Single Window project that has lingered in past years was still being pursued for better process harmonisation, standardisation and enhanced revenue generation.
He said the service intends to provide flexible windows for the perfection of illegally imported vehicles.
This,he said was to ensure the collection of expected import duties and 25 percent penalty charge from such category of transactions.
He said the measure would enable the government to realise more revenue.
“There will be intensive revenue recovery drive, using number of mechanisms. This shall include the Systems Audit, real time auditing, post clearance auditing, institution of revenue recovery committee and other intelligence gathering tools.
“The revised penalties and charges in the new Nigeria Customs Service Act, 2023 will improve the service’s revenue generation.
“The service is looking forward to the area of cargo tracking in collaboration with relevant Government agency ,Shippers Council for effective monitoring of cargo, vessel movement to diversion or theft”.
He also said decongestion of the nation’s ports was proposed towards efficient and effective port operation, adding that it was capable of yielding more revenue.
“The service anti smuggling campaign, using all required operational guide as provided within the confines of Customs laws, will be intensified. This is to ensure that illicit trade that creates sphere for revenue leakages as well as economic sabotage are reduced to the barest minimum” he said.
