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.
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