Victor EzejaThe Nigeria Customs Service’s revenue projections for the 2025 fiscal year has been raised by the National Assembly Joint Committee on Finance from the initial ₦6.5 trillion to ₦12 trillion.
This comes as the Customs service generated ₦6.1 trillion as revenue collection in 2024. This figure surpassed the 2024 target of N5.08 trillion by over ₦1 trillion (20.2 per cent increase) and is considered the highest-ever revenue collection in the NCS history.
Join our WhatsApp ChannelIt reflects a 90.4 percent surge from the ₦3.2 trillion collected in 2023.
This was made known in a statement issued by NCS Comptroller-General, Bashir Adewale Adeniyi, after a press briefing at the NCS Corporate Headquarters, Abuja on 14 January 2025.
The NCS boss said this growth is historic, adding that it far exceeded the 52.24 per cent year-on-year increase recorded in 2022 by an additional 38.18 percentage points.
He also stated that the Service recorded its highest-ever monthly revenue of ₦603.17 billion in October 2024, being another significant milestone.
Adeniyi gave a breakdown of what was generated from three main areas for the 2024 revenue.
They are: federation account collections which amounted to ₦3.6 trillion. These included import duty, excise duty, fees, e-auction proceeds, and CET levy; Non-federation account levies which was a total of ₦816.90 billion and ₦1.6 trillion collected as Value Added Tax (VAT) on imports
Adeniyi noted that despite these figures, ₦1.68 trillion was forfeited through concessions made in order to boost economic growth. He stated that these concessions included ₦586.6 billion in import VAT relief, ₦372.6 billion in various levy concessions, and ₦723 billion in import duty exemptions.
“This reduction is a direct result of our enhanced monitoring mechanisms and strategic reforms aimed at blocking loopholes and eliminating abuses in the concession granting process,” Adeniyi added.
The Comptroller-General attributed the outstanding accomplishments to the NCS’s consistent alignment with President Bola Ahmed Tinubu’s policy goals, which was facilitated by Minister of Finance and Coordinating Minister of the Economy, Mr. Olawale Edun.
The increase of NCS revenue target for the 2025 sets new fiscal frontiers for the agency.
NDIC Revenue Target Raised to ₦180 billion
Also, the National Assembly Joint Committee on Finance increased the revenue projection for the Nigeria Deposit Insurance Corporation (NDIC) from ₦163.3 billion to ₦180 billion.
The decisions were taken when the heads of Customs and NDIC appeared before the committee to defend the 2025 budget proposals and the revenue projections for 2025 fiscal year.
Victor Ezeja is a passionate journalist with six years of experience writing on economy, politics and energy. He holds a Masters degree in Mass Communication.
