Senate approves N11trn revenue target for Customs

The Senate Committee on Customs and Excise, on Monday, approved a N11 trillion revenue target for the Nigeria Customs Service (NCS).

The committee also approved N1.235 trillion expenditure estimate for the 2026 fiscal year, expressing confidence that the agency would sustain its reform programme and improve collections in spite of the mounting global economic uncertainties.

The approval came after the NCS Comptroller-General, Adewale Adeniyi, defended the Service’s 2026 budget before the committee at the National Assembly.

Lawmakers commended Customs for exceeding its 2025 revenue target while acknowledging the external challenges confronting international trade.

The Chairman of the Senate Committee on Customs and Excise, Isah Jibrin, described the proposed revenue target as ambitious but achievable.

Jibron urged the NCS leadership to intensify efforts towards meeting the projection.

He also applauded President Bola Tinubu for extending the tenure of the Comptroller-General, saying the decision would enable the Service to consolidate the reforms already transforming Customs operations.

The committee chairman noted that the federal government’s aggressive investment in infrastructure had increased the demand for internally generated revenue, making Customs one of the most strategic agencies in financing national development.

Responding, the Comptroller-General thanked Tinubu for the confidence reposed in him and expressed appreciation to members of the committee for interrupting their legislative recess to consider the agency’s budget proposal.

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Reviewing the Service’s performance in 2025, the Customs boss disclosed that the National Assembly approved a revenue target of N6.584 trillion, but the agency realised N7.277 trillion during the year.

Adeniyi said the collection exceeded the target by N674.1 billion, representing a 10.24 per cent increase over the approved projection.

Adeniyi added that the performance was achieved in spite of the several fiscal policy interventions and global economic disruptions that constrained revenue generation.

Among the major factors he identified were the suspension of excise duty on telecommunications services, delayed implementation of the Green Tax, import duty waivers granted on compressed natural gas (CNG) and electric vehicles.

The NCS boss also cited the lingering effects of the Russia-Ukraine conflict, which disrupted imports of strategic commodities such as wheat and affected Customs collections.

Although the NCS surpassed its revenue target, Adeniyi disclosed that Customs received only N808.86 billion, representing 71.46 per cent of its approved N1.132 trillion expenditure budget for 2025.

For 2026, Adeniyi said the Service was projecting a total revenue of N11.074 trillion.

This, he said comprises N5.542 trillion from Federation Account revenue, N1.491 trillion from non-Federation collections, N2.773 trillion from Import VAT, and N1.266 trillion from the four per cent Free-on-Board (FOB) cost of collection.