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House Rejects Customs’ N1.3 trillion Projected 2022 Revenue Generation
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•Summons NNPC GMD, DPR Director
Udora Orizu
The House of Representatives Committee on Finance, Monday, rejected the 1.3 trillion projected by the Nigerian Customs Service (NCS) as revenue to be generated in 2022 fiscal year.
The Comptroller General of Customs, Mr Hameed Ali, had in his presentation at the ongoing public hearing on the 2022/2024 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP), disclosed that the agency was projecting a revenue of 1.33 trillion for 2022.
According to him, they came up with a figure that was realisable with the hope that it would be surpassed.
“We came up with a figure that is realisable, then, whatever comes thereafter, it’s our hope that we will surpass that. We try to be as realistic as we can in our proposal,” he said.
But the lawmakers, in their reaction, described the projection as too low for Nigerians.
Chairman, House Committee on Customs, Hon. Leke Abejide, said the projection was ridiculous given that the naira has been devalued, noting that he expected the agency’s proposal to be N2.5 trillion and above.
His words, “This is very ridiculous because now the Naira has devalued already so you will discover that the volume of money you’re getting, if you want to get the real value you will see that it’s not real improvement. So, I expected the proposal to be from 2.5 trillion and above.
“So, if you look at the value of the naira that’s going down, it needs upward review. So, please take note of the parameters and secondly, the finance act has been passed. There are so many ways we can get revenue now better than last year.”
Another member, Hon. Muktar Ahmed, said there was no way the committee would accept anything less than three trillion.
In his submission, the Chairman, House Committee on Finance, Hon. James Faleke, stressed that at the beginning of every year, the Budget Office took a critical look at expected revenue generation of the country.
He said it was done to know what gap in required funds and make adequate preparation for borrowing, adding that if more revenue was generated, the amount of money to be borrowed would reduce.
While corroborating his colleagues assertion, he added that everyone would be pleased with their report, when it eventually comes out.
Falake said, “CG, the issue is this, what the budget office work with is the figures available to them on paper. And at the beginning of the year, for results to be achieved they will like to see what’s coming in. We are saying no, that your gross revenue generation is low given all the available opportunities that you have. When you also look at your previous performance – 2020 to 2021. For us as a committee on finance, we will not accept the N1.3 trillion. I am sure by the time our report comes out, you will be pleasantly happy.”
Meanwhile, the lawmakers have summoned, the Group Managing Director of Nigeria National Petroleum Corporation (NNPC), Mele Kyari to appear before it unfailingly on Wednesday.
Director of the Department of Petroleum Resources (DPR), Mr. Sarki Auwalu, has also been summoned by the lawmakers.
Kyari, who was scheduled to address the lawmakers on revenue generation on Monday, sent the company’s Group General Manager, cooperate planning and strategy to represent him.
Frowning at the development, a member of the committee, Abejide said he was flabbergasted how the GMD of NNPC treated the National Assembly.
He said Kyari’s behaviour was demeaning to the parliament and shouldn’t be tolerated.
“We are talking about revenue here, so, where’s the GMD? He always tries to avoid the National Assembly. This is demeaning to the National Assembly and it’s not good for him. We are talking about how Nigeria can progress, solve the issue of taking loans, he’s supposed to give us the figure himself not send a representation. I suggest we excuse this representative and allow the GMD himself to appear before us,” Abejide said.