Customs Targets ₦6.5trn Revenue as Reps Approve ₦1.13trn Budget
The Nigeria Customs Service (NCS) has set an ambitious revenue target of ₦6.584 trillion for the 2025 fiscal year, following the approval of its ₦1.132 trillion budget by the House of Representatives Committee on Customs and Excise.
The budget proposal, presented on Monday, June 23, 2025, was defended before the committee by Deputy Comptroller-General Mohammed Jibo, who represented the Comptroller-General of Customs, Bashir Adewale Adeniyi.
The lawmakers endorsed the proposal after a detailed breakdown of the Service’s financial projections and expenditure priorities.
According to Jibo, the targeted revenue breakdown includes ₦3.853 trillion for the Federation Account, ₦1.081 trillion for the Non-Federation Account, and ₦1.650 trillion expected from Import Value Added Tax (VAT).
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He explained that revenue sources would be drawn from the Service’s statutory entitlements—chiefly 4% of the Free-On-Board (FOB) value of imports, projected at ₦1.070 trillion, a 2% VAT share estimated at ₦33.01 billion, and an additional ₦29.05 billion earmarked for ongoing capital projects.
The expenditure component of the proposed budget includes ₦247.16 billion for personnel costs, ₦239.97 billion for overheads, and a significant ₦645.42 billion for capital development.
This budget structure, Jibo noted, reflects the Service’s strategic push to modernise its operations, expand its infrastructure, and boost trade facilitation.
Chairman of the Committee, Hon. Leke Abejide, commended the NCS for aligning its operational goals with national economic objectives, especially in the areas of trade security, revenue optimisation, and anti-smuggling.
He reiterated the Committee’s support for Customs’ ongoing reforms and charged the Service to sustain its commitment to accountability and transparent budget execution.
In response, the NCS restated its resolve to work in close partnership with the National Assembly and other oversight bodies to ensure fiscal discipline, policy compliance, and effective delivery of its statutory mandate. The Service also assured that it will continue to explore legally sustainable funding frameworks for its reform programmes and infrastructure projects.
