The revenue-generating capacity of the Nigeria Customs Service (NCS) is showing remarkable elasticity as the Senate Committee on Customs has increased the agency’s 2025 revenue target from ₦6.584 trillion to ₦10 trillion.
The directive was issued by the committee chairman, Senator Isah Jibrin (Kogi East), during a budget defence session at the National Assembly in Abuja. According to Jibrin, the new target reflects the evolving capacity of the Customs Service to consistently outperform expectations.
“Given Customs’ revenue performance in recent years, it is clear the service has the capacity to deliver more. We are confident that ₦10 trillion is achievable in 2025,” the senator stated.
The upward review follows a broader fiscal narrative in which the Federal Government reported ₦6.9 trillion in revenue for Q1 2025, a 40 percent increase from ₦5.2 trillion recorded in Q1 2024. This was announced by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, during a stakeholders’ engagement in Abuja.
Edun attributed the revenue growth to structural reforms, notably the liberalisation of the foreign exchange market, improvements in fiscal discipline, and increased use of technology in revenue tracking across government agencies.
“Our reforms are working. With enhanced automation, foreign exchange policy reforms, and fiscal transparency, revenue is growing across board,” Edun said.
https://amehnews.com/2025/06/24/how-npas-n1-28trn-2025-budget-marks-a-bold-departure-from-the-past/
Speaking on behalf of the Customs Service, Deputy Comptroller General Jibo Bello, who represented the Comptroller General at the session, welcomed the Senate’s confidence in the agency’s capacity. He noted that sustained efforts in anti-smuggling operations, improved port processes, and the deployment of modern technology have continued to boost revenue mobilisation.
The Senate’s decision signals a shift in expectations, as Customs emerges as a major driver of non-oil revenue in the face of growing fiscal demands. Industry observers say the service’s expanding revenue base reflects both operational efficiency and policy alignment with national economic goals.
As the 2025 fiscal year unfolds, the Customs Service is expected to play an even more pivotal role in government financing, with its elasticity in revenue performance now seen as a cornerstone of the country’s broader economic recovery strategy.
Stay informed, stay ahead with The Ameh News
Discover more from Ameh News
Subscribe to get the latest posts sent to your email.
