Customs Beats 2025 Revenue Target by ₦674bn, Eyes ₦11.04tn in 2026

The Nigeria Customs Service (NCS) has surpassed its 2025 revenue target by ₦674 billion, generating ₦7.277 trillion during the fiscal year and has now set an ambitious ₦11.04 trillion revenue target for 2026.

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

According to Adeniyi, the NCS had initially projected ₦6.584 trillion in revenue for 2025 based on its approved budget but exceeded the target by 10.24 per cent, underscoring the impact of ongoing reforms in customs administration.

He noted, however, that the Service could have generated even higher revenue if excise duties on telecommunications services had been implemented and import duty waivers granted for Compressed Natural Gas (CNG) equipment had not reduced collections.

The Customs boss also cited global economic challenges, particularly disruptions arising from the Russia-Ukraine war, as factors that affected international trade volumes and revenue generation.

According to him, reduced imports of commodities such as wheat, alongside the non-collection of import duties on military equipment which accounted for about 40.52 per cent of forgone revenue limited the agency's overall earnings.

For the 2026 fiscal year, the Service is targeting ₦11.04 trillion in revenue.

Adeniyi said the projected collections include:

₦5.542 trillion for the Federation Account;

₦1.491 trillion for non-Federation accounts;

₦2.773 trillion from Import Value Added Tax (VAT); and

₦1.26 trillion from Free-on-Board (FOB) collections.

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

The Comptroller-General expressed confidence that the target is achievable through continued reforms, particularly the deployment of the Indigenous Unified Customs Information System (UCIS), enhanced post-clearance audits and intelligence-led 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," Adeniyi said.

Providing an update on the agency's current performance, Adeniyi disclosed that the Service had already generated ₦4.043 trillion between January and June 2026, expressing optimism that the annual revenue target would be met before the end of the year.

He also projected stronger revenue performance in the second half of the year, citing expectations of improving global trade conditions and easing geopolitical tensions.

"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.

Members of the Senate Committee on Customs commended the Nigeria Customs Service for exceeding its 2025 revenue target and expressed confidence in its ability to achieve the 2026 projection.

Committee Chairman Senator Isah Jibrin praised Adeniyi and his management team for their performance, urging the Service to sustain its reforms and surpass next year's 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.

The committee subsequently approved the proposed ₦11.04 trillion revenue target for 2026 through a voice vote, paving the way for the continued implementation of the Customs Service's revenue and trade facilitation agenda.