National Assembly Increases Revenue Projections for NCS and NDIC in 2025
In a bold move, the National Assembly’s Joint Committee on Finance has significantly increased revenue projections for two major federal agencies, the Nigeria Customs Service (NCS) and the Nigeria Deposit Insurance Corporation (NDIC), for the 2025 fiscal year.
Customs Revenue Target Increased to N12 Trillion
The NCS had initially projected a revenue generation of N6.5 trillion for 2025, following a reported N6.1 trillion generated in 2024. However, the committee members were not satisfied with this figure, deeming it too conservative given the potential for growth. Senator Sani Musa, the committee chairman, along with co-chairman Hon James Faleke, expressed that the 2025 target should be much higher.
Senator Musa specifically proposed that the minimum revenue target for NCS in 2025 should be N10 trillion, a suggestion that was later increased to N12 trillion after further discussions within the committee. “Based on the aggregate of opinions expressed by members of this committee, the Comptroller-General of Customs should aim at generating N12 trillion revenue for Nigeria in 2025, almost doubling the N6.5 trillion initially proposed by Customs,” said Musa.
NDIC’s Revenue Projection Raised to N180 Billion
The NDIC’s revenue projections also faced a similar upward revision. During the presentation by the NDIC’s Managing Director and CEO, Mallam Bello Hassan, the agency had projected N163.3 billion in revenue for 2025. However, this figure was deemed inadequate by Senator Musa, who after consulting with Hon James Faleke, proposed a new target of N180 billion for the NDIC.
Both agencies are now tasked with meeting these more ambitious revenue goals, signaling the National Assembly’s desire to drive stronger fiscal performance in the coming year. These changes reflect a broader push to enhance revenue generation, with a focus on addressing Nigeria’s economic challenges through more aggressive projections and expectations for government-owned entities.
