The National Assembly Joint Committee on Finance has unanimously directed the Nigeria Customs Service (NCS) to implement stringent measures to block revenue leakages and meet the revised N10.5 trillion revenue target for 2025.
This resolution was reached during the 2025 budget defence and proposal sessions at the National Assembly, Abuja.
The lawmakers rejected the NCS’ initial revenue projection of N6.5 trillion, emphasizing improved personnel monitoring and addressing issues like under-declaration and other sharp practices at the nation’s ports.
The Chairman of the Senate Committee on Finance, Senator Sani Musa, stated that the N10.5 trillion target is realistic based on information from the Budget Office of the Federation.
He also warned that the revenue target might be increased to N12 trillion if the non-remittance of 80% of “Operating Surplus,” as mandated by the Fiscal Responsibility Act of 2007, is not addressed.
Also, Victor Murako, Chairman of the Fiscal Responsibility Commission (FRC), revealed that the NCS owes the Consolidated Revenue Fund N8.6 billion as of 2019, citing its failure to remit the “Operating Surplus” since 2019 despite prior compliance from 2015 to 2019.
He noted that the NCS had yet to honour an agreement reached in 2023 following intervention by the Public Accounts Committee.
In response, NCS Comptroller General Adeniyi Adewale promised to resolve the issue of operating surplus within two weeks, working closely with the agency’s Legal Department.
He also highlighted ongoing efforts to implement a 4-cent Free on-board (FOB) charge in collaboration with the Ministry of Finance and the Office of the Accountant General of the Federation.
The lawmakers expressed dissatisfaction with the failure of some revenue-generating agencies to appear for the budget defence exercise.
Senator Sani Musa reminded agencies of President Bola Ahmed Tinubu’s directive that all agency heads defend their budgets responsibly.
“To our dismay, many agencies have refused to honour our invitations. We are giving these agencies 48 hours to appear before the joint committee. Failure to comply will lead to recommendations to withhold their budget allocations or funding,” Musa warned.
Rep. James Faleke, Chairman of the House Committee on Finance, reiterated that the budget defence exercise is critical to boosting revenue generation and reducing borrowing. “If these agencies refuse to appear before us, the National Assembly will take necessary action,” he stated.
The interactive session, attended by key agencies like the FIRS, Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), and the Nigeria Deposit Insurance Corporation (NDIC), underscored the importance of accountability in driving revenue generation and reducing financial deficits.
The lawmakers vowed to ensure strict compliance with fiscal policies and accountability to meet Nigeria’s economic targets for 2025.
