The House of Representatives Committee on Appropriations has asked the Nigerian Customs Service (NCS) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to increase their revenue target for 2024 to N6 trillion each.
The chairman of the committee, Abubakar Bichi (APC, Kano) gave the directive on Monday when some revenue-generating agencies appeared before the committee for their 2024 budget defence.
Daily Trust reports that the Nigerian Customs Service (NCS), the Nigerian Communications Commission (NCC) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) appeared before the committee and expressed readiness to increase the revenue target.
The Comptroller General of Customs, Wale Adeniyi, while addressing the lawmakers, said the NSC had projected N5 trillion in revenue.
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However, the Chairman of the Committee, Bichi, said NSC should be able to increase its revenue target.
Responding to the request by the committee, Mr Adeniyi said NSC could generate an additional N1trillion if the government lifts the suspension of duty on single-use plastic and increases the duty on alcohol and tobacco.
On his part, the Executive Secretary of NUPRC, Gbenga Komolafe, in his presentation, said the commission projected a revenue of N5.6 trillion for the year 2024.
When asked about the possibility of increasing the projection, he said the upstream sector currently faces multiple challenges ranging from oil theft, absence of investment in the sector and challenges with host communities.
He stated that the Commission was seeking to increase Nigeria’s daily oil production by 300,000 barrels per day.
When pushed by the lawmakers on the actual figure, Mr Komolafe said the Commission could push its revenue target to N6 trillion.
“We are committed to achieving and surpassing the target. In terms of figure, the N5.6 trillion, we are committed to surpassing it and go toward N6 trillion,” he said.
Mr Bichi insisted that NUPRC could generate more than N6 trillion, tasking the agency to exceed the N6 trillion target.
Also appearing before the Committee, the Executive Vice Chairman of NCC, Aminu Maida, said his commission is projecting N350 billion for the year 2024, of which N224 billion is to be remitted to the Consolidated Account.
Mr Maida explained that the NCC generates money from spectrum licensing and annual operating levy.
He stated that the NCC is concerned about the growth of the sector instead of pushing for revenue.
When pressed by the committee, Mr Maida said he should be allowed to check the books of the NCC to give a definite answer on a possible review of the revenue projection.
He added that the Commission would launch a revenue collection App by the second quarter of 2024, adding that the projection would help to increase the revenue of the Commission.
