National Assembly Raises Revenue Targets for Customs and NDIC for 2025 Fiscal Year

The Joint Committee on Finance of the National Assembly has significantly increased revenue expectations for the Nigeria Customs Service (NCS) and the Nigeria Deposit Insurance Corporation (NDIC) for the 2025 fiscal year.

During budget and revenue forecast sessions held on Tuesday, the committee raised the NCS revenue target from ₦6.5 trillion to ₦12 trillion. Similarly, the NDIC’s projection was increased from ₦163.3 billion to ₦180 billion.

Adewale Adeniyi, the Comptroller-General of Customs, had initially proposed a revenue forecast of ₦6.5 trillion for 2025, following an estimated ₦6.1 trillion for 2024. However, Senator Sani Musa and Hon. James Faleke, chairpersons of the committee, urged the NCS to adopt a more ambitious approach.

“Based on the collective views expressed by the committee members, the Comptroller-General of Customs should strive to generate ₦12 trillion in revenue for Nigeria in 2025, nearly doubling the ₦6.5 trillion suggested by Customs itself,” Senator Musa emphasized.

The NDIC also faced scrutiny when Bello Hassan, the agency’s Managing Director, presented a revenue projection of ₦163.3 billion for 2025. After deliberations, the committee decided to increase the target to ₦180 billion, highlighting the need for stronger revenue performance.