The Joint Committee on Finance of the National Assembly has raised the revenue expectations for the Nigeria Customs Service (NCS) and the Nigeria Deposit Insurance Corporation (NDIC) for the upcoming fiscal year 2025.
The committee adjusted the target for the NCS from the initial ₦6.5 trillion to ₦12 trillion, while for the NDIC, the target was increased from ₦163.3 billion to ₦180 billion.
These changes were made during sessions dedicated to budget and revenue forecasts on Tuesday, where executives from various federal agencies laid out their 2024 budgets and 2025 revenue predictions.
Adewale Adeniyi, the Comptroller-General of the NCS, had initially estimated that the agency would generate ₦6.5 trillion in 2025 after achieving ₦6.1 trillion in 2024.
However, the committee chairpersons, Senator Sani Musa and Hon. James Faleke considered this estimate too conservative and urged the NCS to set a higher goal.
“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,” stated Senator Musa.
Similarly, the committee deemed this figure inadequate when Bello Hassan, the Managing Director and CEO of NDIC, proposed a 2025 revenue projection of ₦163.3 billion.
Following discussions, Senator Musa suggested raising the target for NDIC to ₦180 billion.
