SENATE APPROVES N257.18 BILLION BUDGET FOR NIGERIA CUSTOMS SERVICES
…as it Approves $1.5billion and Euro 995million external loans for the FG
NASS Correspondent
The Senate has approved the sum of N257.18 billion as budget for the Nigeria Customs Service (NCS) for the 2021 financial year.
This came on the heels of the approval and presentation of the report of the Senate Committee on Customs, Excise and Tariffs which considered the proposed budget for the Service.
According to the Chairman of the committee, Senator Francis Alimekhena who presented the report, said the budget is based on the federal government’s Medium Term Expenditure Framework (MTEF) and the Finance Act, 2021.
He said a total expenditure of N257. 18 billion was proposed for 2021 financial year.
Given the importance of the agency in terms of economic stimulation, trade facilitation, revenue collection and security at the borders and ports, the Committee urged the Senate to give the budget a speedy passage.
Some lawmakers who kicked against some items in the 2021 budget for the NCS as contained in the committee’s report, expressed shock at the provision of ‘N2 billion incentive’ for Nigeria Custom Service retirees.
Reacting, senator Alimekhena explained that the welfare package was meant for all rounds.
Meanwhile, the Senate has approved $1.5billion and Euro 995million external loans for the Federal Government.
The approval followed consideration of the report of its Committee on Local and Foreign Debts on the external borrowing plan of the Federal Government at plenary.
In his presentation, Chairman of the Committee, Senator Clifford Ordia, told the lawmakers that the panel had considered the loan request and was recommending its approval.
The €995m loan is meant for agricultural mechanisation across the 774 LGAs while the $1.5 billion loan will be used to fund critical infrastructure in the aftermath of the COVID-19 pandemic across the 36 states and the federal capital territory.
The loan is to be facilitated by the International Monetary Fund (IMF), World Bank, African Development Bank Group (AFDB), and Export/Import Bank of Brazil.
