Customs surpasses 2025 revenue target by 10.24%
Nigeria Customs Service Seeks Approval for N11.27 Trillion 2026 Budget
By Gift Chapi Odekina, Abuja
The Nigeria Customs Service (NCS) announced it exceeded its 2025 revenue target during a budget defense session with the House of Representatives Committee on Customs and Excise. The agency reported a revenue generation of N7.277 trillion, surpassing its target of N6.584 trillion by 10.24 percent.
Comptroller-General of Customs, Bashir Adewale Adeniyi, presented the proposed N11.274 trillion budget for 2026 to lawmakers in Abuja.
Rep. Leke Abejide, chairman of the House Committee on Customs and Excise, emphasized the importance of this exercise as part of the National Assembly’s constitutional duty to examine budget estimates from federal agencies.
During the session, Adeniyi attributed the agency’s performance to enhanced operational efficiency, despite several fiscal incentives that adversely impacted customs revenues. He highlighted the implications of government policies, including duty waivers on healthcare products, compressed natural gas (CNG) vehicles, electric vehicles, and exemptions related to import duties.
The Comptroller-General noted that customs operations were further influenced by the suspension of excise duties on telecommunications services and the implementation of multiple tax relief measures.
Adeniyi also reported that Customs received only N808.86 billion of its approved N1.132 trillion expenditure budget for 2025, accounting for about 71.4 percent of the total. This shortfall was attributed to delays in the implementation of a funding framework established under the Nigeria Customs Service Act. The agency utilized the previous seven percent cost-of-collection model until August 2025, before transitioning to a new four percent Free-on-Board (FOB) funding mechanism.
“The variance between what was approved and what we received resulted from the delayed implementation of the new funding structure,” he explained.
Looking ahead, the Customs Service aims for a revenue target of N11.274 trillion for 2026. This forecast includes N5.542 trillion from federation accounts, N1.495 trillion from non-federation revenue, N2.973 trillion from import Value Added Tax (VAT), and N1.264 trillion from the four percent FOB collection.
Adeniyi urged lawmakers to approve the proposed budget, expressing optimism that the allocation would enhance the Customs Service’s capacity to boost revenue generation, facilitate legitimate trade, and support Nigeria’s economic growth.