Customs surpasses 2025 revenue target by 10.24%

The Nigeria Customs Service (NCS) has announced it surpassed its 2025 revenue target, collecting N7.277 trillion against a goal of N6.584 trillion, a 10.24 percent increase.

Comptroller-General Bashir Adewale Adeniyi presented the NCS's proposed N11.274 trillion budget for 2026 to the House of Representatives Committee on Customs and Excise. He attributed the strong revenue performance to improved operational efficiency, even as various government fiscal incentives and policies impacted earnings.

Adeniyi highlighted that despite collecting N7.277 trillion between January and December 2025, revenue was affected by duty waivers on items like healthcare products and CNG vehicles, as well as import duty exemptions. The suspension of excise duties on telecommunications and other tax relief measures also played a role.

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I cried because I felt that I let my teammates down, because of the penalty I missed… and the way I took it. But thankfully once again, God had something special for me in the end. I’m very happy.

Furthermore, the NCS received only N808.86 billion, about 71.4 percent of its N1.132 trillion expenditure budget for 2025. Adeniyi cited delays in implementing the funding framework under the Nigeria Customs Service Act as the reason for this shortfall, noting the agency operated on the old seven percent cost-of-collection model until August 2025 before transitioning to the new four percent Free-on-Board (FOB) mechanism.

For 2026, the NCS projects a revenue target of N11.274 trillion, comprising N5.542 trillion from federation accounts, N1.495 trillion from non-federation revenue, N2.973 trillion from import VAT, and N1.264 trillion from the four percent FOB collection. Adeniyi appealed for the budget's approval, expressing confidence it would enhance revenue generation and facilitate trade.

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We didn’t want and didn’t deserve to go home, we could not let it end like that. This group really deserved to keep going. We never give up, at all. Never.