The Senate Joint Committee on Finance of the National Assembly has increased the revenue projection for the Nigeria Customs Service from the proposed N6.5 trillion to N12 trillion for the 2025 fiscal year.
The adjustments were made during budget and revenue projection defence sessions on Tuesday, where Chief Executives from various federal agencies presented their 2024 budgets and 2025 revenue forecasts.
NCS Comptroller-General, Adewale Adeniyi, initially projected that the service would generate N6.5 trillion naira in 2025, following a performance of N6.1 trillion naira in 2024.
However, the committee’s Chairmen, Senator Sani Musa and Hon. James Faleke, argued that the projection was conservative and encouraged the NCS to aim higher.
“Based on the aggregate opinions expressed by members of this committee, the Comptroller-General of Customs should aim at generating N12 trillion revenue for Nigeria in 2025, almost doubling the N6.5 trillion proposed by Customs itself," Musa said.
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