Customs surpasses 2025 revenue target, projects N11tn for 2026

The Nigeria Customs Service (NCS) says it exceeded its 2025 revenue target by ₦674 billion, generating more than it realised in the previous year.

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The Comptroller-General of Customs, Bashir Adeniyi, disclosed this on Monday while defending the agency’s 2026 budget proposal before the Senate Committee on Customs.

Mr Adeniyi said the service initially projected ₦6.584 trillion in revenue for 2025, based on its approved budget, but generated ₦7.277 trillion, representing a 10.24 per cent increase over the target.

He, however, noted that the service could have generated more revenue if excise duties on telecommunications services had been collected and import duty waivers on Compressed Natural Gas (CNG) equipment had not been granted during the period.

The CG also cited the Russia-Ukraine war as a factor affecting revenue generation, noting that disruptions to international trade, particularly the import of wheat and other commodities, impacted collections.

He further said the non-collection of import duties on military equipment, which accounted for about 40.52 per cent of the forgone revenue, also affected the agency’s earnings.

Proposal for 2026

For the 2026 fiscal year, the NCS proposed a revenue target of ₦11.04 trillion.

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Mr Adeniyi said ₦5.542 trillion of the projected revenue will accrue to the Federation Account, ₦1.491 trillion to non-Federation accounts, ₦2.773 trillion to Import VAT, while ₦1.26 trillion will come from Free-on-Board (FOB) collections.

He added that the service expects to generate ₦1.235 trillion as operating income, comprising ₦949.86 billion from FOB, ₦55.47 billion from the NCS’s two per cent share of VAT, and ₦230.04 billion from ongoing capital budget funding.

Mr Adeniyi said the agency was confident of achieving the target through ongoing reforms, including the deployment of the Indigenous Unified Customs Information System (UCIS), enhanced post-clearance audits, and intelligence-driven anti-smuggling operations.

“Our technology platform is now fully operational after overcoming initial implementation challenges. It has significantly improved automation across our commands and strengthened revenue collection and trade facilitation.

On the agency’s performance this year, the CG disclosed that the service had already generated ₦4.043 trillion between January and June 2026, expressing confidence that it would meet its annual revenue target before the end of the year.

He also expressed optimism that easing geopolitical tensions and improving global trade conditions would further boost revenue in the second half of the year.

“We are hopeful that the de-escalation of the crisis will continue and that international trade activities will gradually return to normal. June recorded our highest monthly revenue so far in 2026, and we expect that momentum to continue,” he said.

READ ALSO: Audit Report: Senate panel clears Customs of ₦62 billion non-remittance query

Lawmakers commend Customs

After the presentation, members of the Senate Committee on Customs commended the agency for surpassing its 2025 revenue target.

The committee chairman, Isah Jibrin, praised the CG and his management team, urging them to sustain the momentum and exceed the proposed 2026 target.

“I want to commend you and your management team for what you have achieved so far. We urge you to work harder and ensure that you actualise the projected revenue figures for 2026. The committee is satisfied with your responses and remains confident in your ability to deliver,” he said.

Mr Jibrin, who represents Kogi East Senatorial District, subsequently put the proposed 2026 revenue target to a voice vote, with the committee members approving it.

The committee chairman thereafter announced the approval and congratulated the Customs Service.

The proposal will now be presented to the Senate in the committee’s report. If adopted by the Senate after debate, it will receive final legislative approval.