The National Assembly through its Joint Committee on Finance, the Assembly has significantly increased the 2025 revenue projections for two key federal government agencies: the Nigeria Customs Service (NCS) and the Nigeria Deposit Insurance Corporation (NDIC).
During a budget defence session yesterday in Abuja, the committee raised the NCS’s initial revenue target from N6.5 trillion to a bold N12 trillion. Similarly, the NDIC’s proposed revenue projection of N163.3 billion was revised upward to N180 billion.
Customs’ Target Doubled The Comptroller-General of the Nigeria Customs Service, Bashir Adewale Adeniyi, had earlier presented a projection of N6.5 trillion for 2025, following a robust performance in 2024, where NCS generated N6.1 trillion.
However, the committee, led by Senator Sani Musa and Hon. James Faleke, deemed the projection insufficient given the NCS’s potential.
“Based on the aggregate opinions of this committee, the Comptroller-General of Customs should aim at generating N12 trillion revenue for Nigeria in 2025,” he said. “This target almost doubles the NCS’s initial proposal, emphasising the committee’s confidence in the agency’s capacity to boost revenue significantly.
Mallam Bello Hassan, the managing director and CEO of NDIC, faced similar scrutiny. While presenting a 2025 revenue projection of N163.3 billion, the committee described the figure as “very low.”
After consultations, Senator Musa and Hon. Faleke proposed an increase to N180 billion, reflecting the corporation’s push for higher performance.
The revised projections underscore the National Assembly’s commitment to maximising revenue from key agencies to support the federal budget and address economic challenges. Both agencies are now expected to implement strategies to meet these ambitious targets.
