Senate Raises Customs’ 2025 Revenue Target to N10 Trillion After Stellar Performance

The Senate Committee on Customs announced on Monday a substantial increase in the Nigeria Customs Service’s (NCS) revenue projection for 2025, raising the target from ₦6.584 trillion to ₦10 trillion, citing the agency’s impressive track record of exceeding its 2024 goals.

This decision emerged during a budget presentation in which Deputy Comptroller General Jibo Bello represented the NCS, showcasing the organisation’s 2024 achievements and outlining future revenue projections.

Committee Chairman, Senator Isah Jibrin (Kogi East), commended the Service for surpassing its 2024 revenue goal of ₦5.079 trillion by more than ₦1 trillion.

Nevertheless, he challenged the organisation to set more ambitious targets for the upcoming fiscal year, establishing the ₦10 trillion revenue milestone.

“We must challenge ourselves to do better. You have shown capacity by exceeding your previous target, and now we believe you can raise even more,” Jibrin declared.

Following their assessment of the NCS’s 2025 proposal—comprising ₦6.584 trillion in projected revenue and ₦1.132 trillion in planned expenditure—committee members gave unanimous approval for Senate presentation.

The proposal awaits discussion during plenary sessions when the upper legislative chamber reconvenes following the Sallah recess on Tuesday.

This Senate action demonstrates substantial trust in the NCS’s capacity to generate essential non-petroleum revenue streams, particularly as the nation pursues enhanced domestic income generation.

While acknowledging the Service’s fiscal achievements, committee members emphasised the need for intensified efforts against smuggling and illegal drug trafficking, challenges closely tied to national security concerns.

In his closing remarks, Jibrin underscored that combating narcotics and illegal commerce must remain central to the Service’s mandate.

“There’s too much flow of illicit drugs across our borders. These substances are fueling banditry and insecurity because many of these criminals are under the influence. Customs must be at the forefront of tackling this menace,” he said.

He also criticised the continued smuggling of products that could be manufactured locally, urging the NCS to enforce import restrictions more rigorously and support Nigeria’s self-sufficiency goals.

“We must eat what we grow and use what we produce. Reducing imports will conserve our foreign exchange and boost local industries. It’s not just about revenue; it’s about economic development and job creation,” he added.

He stressed that enhanced enforcement against illegal imports would stimulate domestic production, activate underutilised raw materials, and create employment opportunities for millions of Nigerians.