SENATE JACKED CUSTOMS REVENUE TARGET TO N1.5 TRILLION

By Innocent Orok

Col. Hameed Ali (rtd)

The Nigerian Senate has jacked up the revenue target of the Nigeria Customs Service (NCS) in 2019 from N950billion to N1.5Trillion .

The Senate Committee on Finance Chaired by Senator Solomon Olamilakan ( APC Lagos West) said this on Thursday during his presentation of the review of the 2020 budget to the Senate President in the Senate chamber.

Senator Olamilakan said that the hike in the Customs revenue target has become necessary due to the impressive performance in revenue collection by the NCS in 2019 , having collected over N900billion as at September 2019.

The Committee also increased the 2020 federal budget from N10.022Trillion to N10.77 Trillion, pegging crude oil benchmark at $56 per barrel.

President Muhammedu Buhari is expected to present the 2020 federal budget to the joint house of the National Assembly on Tuesday October 8, 2019.