The National Assembly’s Joint Committee on Finance has increased the revenue projections for the Nigeria Customs Service for the 2025 fiscal year to N12trillion as against the initial N6.5 trillion proposed.
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.
Comptroller-General of Customs, Adewale Adeniyi, initially projected that the Service would generate N6.5 trillion 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,” Senator Musa said.
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