The national assembly has drastically increased the 2025 revenue targets for Customs to N12 trillion and N180 billion for the NDIC
The national assembly, through its joint committee on finance, has significantly increased the revenue targets for the Nigeria Customs Service (NCS) and the Nigeria Deposit Insurance Corporation (NDIC) for the 2025 fiscal year.
The committee raised customs’ revenue projection from the proposed N6.5 trillion to N12 trillion. Similarly, NDIC’s revenue target was increased from N163.3 billion to N180 billion.
These decisions were made on Tuesday when the chief executives of some federal agencies appeared before it for defence of 2024 budget and revenue projections for 2025 fiscal year.
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The Comptroller-General of Customs, Bashir Adewale Adeniyi, presented a projected revenue of N6.5 trillion for 2025, stating that the agency had generated N6.1 trillion in 2024. However, the joint committee, led by Sen. Sani Musa and Rep. James Faleke deemed the target too modest. Sen. Musa suggested N10 trillion as the minimum target, which was further raised to N12 trillion following input from other committee members.
“Based on aggregate of opinions expressed by members of this committee, the Comptroller – General of Customs , should aim at generating N12 trillion revenue for Nigeria in 2025 which almost doubles the N6 5 trillion proposed by Customs itself,” Musa stated.
A similar approach was taken with NDIC. Its Managing Director, Bello Hassan, presented a 2025 revenue projection of N163.3 billion, which the committee criticised as insufficient. After consultations, Sen. Musa and Rep. Faleke proposed an increased target of N180 billion for the agency.
