The Sea Empowerment and Research Centre (SEREC) has faulted the N12 trillion revenue target given to the Nigeria Customs Service (NCS) for 2025 by the National Assembly.
SEREC in a position paper made available to Maritime Bits, described the target as ‘ambitious’ stating that government need to strike a balance as to whose duty it is to give or approve a yearly revenue targets to its revenue generating agencies.
Signed by its Head of Research, Dr. Eugene Nweke, SEREC said: “Without mincing words, SEREC wish to candidly posit that while it is understandable that the agencies have an obligation to defend its yearly budgets before the lawmakers, it is not constitutionally clear whether it falls under the purview of the lawmakers to also give yearly revenue targets to the revenue agencies.
“SEREC is of the view that there is need for a better assigning of role in this regards, hence it seeks a clarification as to between the executive arm and the legislative arm which is the right authority to give yearly revenue targets to the NCS.
“SEREC wish to strongly opine that, yearly revenue targets are not just mere figures to be given or pronounced under the euphoria of a prevailing excitement, rather, revenue targets are given or pronounced after so many variables and indices duly putting in the right perspectives”.
According to it, such variables or indices may include weighing the impact of the previous year revenue generated on the trading environment, the economy in real time effects of inflation rate analysis, a performance graphs for local production inhibited by imported products, the direct impact to the lives of the citizens in general, with regards to consumers price index and poverty level indicators.
It maintained that the NCS revenue target of ₦12 trillion for 2025 is quite ambitious and a stretch, considering the current state of the economy.
Other factors which it explains for its opposition to the revenue target given to NCS for 2025 include heightened trade policies uncertainties, dwindling imports and exports activities, low ship calls to the nation’s seaports and lower cargo throughputs.
