The National Assembly Joint Committee on finance has increased the revenue projection of the Nigeria Customs Service (NCS) from N6.5 trillion to N12 trillion for 2025.

 

Sani Musa, chairman of the senate committee on finance, and James Faleke, his house of representatives counterpart, raised the revenue target on Tuesday during the budget defence by Adewale Adeniyi, comptroller general (CG) of NCS, for the 2025 fiscal year.

 

In his presentation, Adeniyi said having generated N6.1 trillion in 2024, the service will comfortably generate N6.5 trillion in 2025.

 

But the committee, in their separate remarks, told the customs CG that the 2025 projected revenue should be far above N6.5 trillion.

 

“N10 million should be the minimum revenue generation target for customs in 2025 which was however increased to N12 trillion based on suggestions made to that effect by some other members of the committee,” Musa said.

 

“Based on the 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.”

 

Also, the panel increased the revenue projection of the Nigeria Deposit Insurance Corporation (NDIC).

 

Bello Hassan, managing director (MD) and chief executive officer of NDIC, presented a N163.3 billion revenue projection for the 2025 fiscal year.

 

However, Musa said the projection was low.

 

After consultation with Faleke, NDIC’s projection was increased to N180 billion.