According to the Nigeria Customs Service (NCS), the National Agency for Drugs Administration and Control (NAFDAC) ‘s restriction on the sale of carbonated drinks is impacting its ability to generate money.
The Comptroller-General of NCS, Mr Adewale Adeniyi, hinted at the House of Representatives Committee on Finance revenue monitoring exercise with all the Federal Government-owned Ministries, Departments, and Agencies (MDAs) on Thursday.
Revenue collection, which is required by law to be deposited into the Federal Government’s Consolidated Revenue Fund, is the Nigeria Customs Service’s primary duty, according to him.
Additionally, he mentioned that the agency sets its income generating on a quarterly basis and that the agency’s ability to generate revenue is dependent on a number of unrelated variables.
In the first quarter of 2024, the agency had set a target of N5.079 trillion, with monthly targets of N423 billion and quarterly targets of N1.369 billion.
Speaking further on seizures, he stated that the agency registered 468 seizures in the first quarter of the year, totaling N1.9 trillion.
He stated that the majority of the seizures carried out by agency police were on carbonated drinks, and that the product restriction is having an impact on the agency’s income generating.
He went on to say that the volume of goods entering the nation’s ports influences the agency’s income generating profile.
“The reduction in the volume of cargoes coming into the nation’s ports have affected our revenue.”We are looking at the projections for the second quarter of 2024 and estimate that by the end of June 2024, we will have generated N3 billion.”
He stated that the exclusion of the cost of tax collection from the paper given to the House Committee was purposeful.
He did, however, state that the Act that established the organization authorized it to take 7% of overall income as collection costs.
Hon. Seidu Abdullahi, Deputy Chairman of the House Committee, praised the agency’s revenue push and generating capabilities, stating that it had exceeded the House and revenue authorities’ expectations.
He did, however, encourage the NCS CG to thoroughly investigate the subject of issuing waivers to importers of products into the country, saying that if waivers are necessary, they must have significant economic advantages.
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