The Nigeria Customs Service on Monday said it surpassed its 2025 revenue target by 10.24 per cent, generating ₦7.28tn between January and December, despite a series of government-approved tax waivers and fiscal incentives aimed at stimulating economic growth.
The Comptroller-General of Customs, Adewale Adeniyi, disclosed this while defending the agency’s 2025 budget performance and presenting its 2026 budget proposal before the House of Representatives Committee on Customs and Excise.
According to him, the Service exceeded its annual revenue target of ₦6.58tn by ₦696bn, attributing the performance to sustained reforms in revenue administration, technology deployment and trade facilitation.
Adeniyi, however, clarified that an error had appeared in the executive summary of the budget document submitted to lawmakers.
“The correct revenue generated from January to December 2025 is ₦7.28tn. This represents a positive variance of 10.24 per cent above our annual target of ₦6.58tn,” he said.
The Customs boss said the feat was achieved despite significant revenue losses arising from fiscal policies introduced by the Federal Government to support critical sectors of the economy.
According to him, excise duty on telecommunications services remained suspended throughout 2025, while other revenue measures, including the proposed green tax, were yet to be implemented.
He also listed healthcare waivers, tax concessions on pharmaceutical products, and duty exemptions granted under the Presidential Compressed Natural Gas initiative covering CNG-powered and electric vehicles among measures that reduced Customs earnings.
Import duty exemption certificates, Adeniyi added, accounted for the largest revenue shortfall. “In 2025, a total of about ₦34.53tn worth of imports received…
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