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🇳🇬 Nigeria /Economy & Trade

Nigeria Customs Service Surpasses 2025 Revenue Target by 10.24% Despite Waivers

From The Punch · () English

Translated from English, summarized and contextualized by DistantNews.

At a glance

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  • The Nigeria Customs Service surpassed its 2025 revenue target by 10.24%, generating ₦7.28tn despite government-approved waivers and incentives.
  • The agency exceeded its ₦6.58tn target by ₦696bn due to sustained reforms, technology, and trade facilitation, though an error in the budget document was noted.
  • Significant revenue losses occurred due to fiscal policies, including suspended excise duty on telecommunications, healthcare waivers, and exemptions for CNG/electric vehicles, totaling approximately ₦34.53tn in lost revenue from exemptions.

The Nigeria Customs Service announced it exceeded its 2025 revenue target, collecting ₦7.28tn against a goal of ₦6.58tn. This 10.24% surplus was achieved despite numerous government-sanctioned tax waivers and incentives designed to boost economic growth.

Comptroller-General Adewale Adeniyi presented the performance figures while defending the agency's 2025 budget and proposing the 2026 budget to the House of Representatives Committee on Customs and Excise. He attributed the success to ongoing reforms in revenue administration, the implementation of technology, and improved trade facilitation. Adeniyi also corrected an earlier reported figure, clarifying the precise revenue generated.

The correct revenue generated from January to December 2025 is ₦7.28tn. This represents a positive variance of 10.24 per cent above our annual target of ₦6.58tn.

— Adewale AdeniyiThe Comptroller-General of Customs clarified the agency's revenue figures to lawmakers.

However, Adeniyi highlighted that substantial revenue was forgone due to fiscal policies. These included the suspension of excise duty on telecommunications, tax concessions on pharmaceuticals, and duty exemptions for vehicles under the Presidential Compressed Natural Gas initiative. Import duty exemption certificates accounted for the largest portion of the revenue shortfall, with approximately ₦34.53tn worth of imports receiving exemptions in 2025, including military equipment and strategic items.

In 2025, a total of about ₦34.53tn worth of imports received various exemptions and waivers.

— Adewale AdeniyiThe Customs boss detailed the extent of revenue losses due to government exemptions.
DistantNews Editorial

Originally published by The Punch in English. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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