Senate Increases Customs 2025 Revenue Target 

The Senate has directed the Nigeria Customs Service (NCS) to raise its revenue target for 2025 from six to 10 trillion naira, citing the urgent need for enhanced enforcement and surveillance amid rising smuggling and insecurity challenges across the country.

This directive was given by the Chairman of the Senate Committee on Customs, Isah Jibrin, during the budget defence of the NCS, where the Deputy Comptroller General, Jibo Bello, appeared before the committee.

The Senate Committee identified gaps in the tariff policy of the government, particularly the lack of enforcement of a 4% freight on board (FOB) by the service.

The FOB is the cost of goods, and the committee frowned upon the failure of the NCS to implement this policy, which could have generated significant revenue for the government.

The committee also summoned the Minister of Finance, Budget and National Planning, Mr. Olawale Edun, to appear before it to explain the government’s tariff policy and the reasons behind the lack of enforcement of the 4% FOB.

The summons is aimed at getting to the root of the issue and finding a solution to the revenue leakage.

The Senate’s directive to raise the revenue target is aimed at increasing the government’s revenue and addressing the challenges of smuggling and insecurity in the country.

The NCS has been tasked with enhancing its enforcement and surveillance capabilities to achieve this target.

The development is expected to have a significant impact on the country’s economy, as increased revenue will enable the government to fund its projects and programmes.

The Senate’s move is also seen as a step towards addressing the challenges facing the country’s customs service and improving its efficiency.

In a related development, the Senate Committee on Customs has promised to work closely with the NCS to ensure that the revenue target is achieved.

The committee has also pledged to monitor the implementation of the tariff policy and ensure that the 4% FOB is enforced to generate more revenue for the government.

The outcome of the budget defence and the summons of the Minister of Finance will be closely watched, as it is expected to have a significant impact on the country’s revenue generation and economic development.