By Abbanobi -Eku Onyekachi, Abuja
The National Assembly’s joint committee on Finance has made a bold move by increasing the revenue projections for the Nigeria Customs Service (NCS) and the Nigeria Deposit Insurance Corporation (NDIC) for the 2025 fiscal year.
In a surprising turn of events, the committee jerked up the revenue projection for the NCS from N6.5 trillion to N12 trillion, nearly doubling the initial target. This decision was made after the Comptroller-General of the NCS, Bashir Adewale Adeniyi, presented the service’s revenue projections for 2025, citing a modest increase from N6.1 trillion generated in 2024.
However, the Chairman of the joint committee, Senator Sani Musa, and his co-chairman, Hon James Faleke, were not satisfied with the modest increase. Senator Musa suggested that the NCS should aim to generate at least N10 million in revenue, which was later increased to N12 trillion based on suggestions from other committee members.
In a similar vein, the committee also increased the revenue projection for the NDIC from N163.3 billion to N180 billion. The Managing Director and Chief Executive Officer of the NDIC, Mallam Bello Hassan, had initially presented a revenue projection of N163.3 billion for 2025, which was deemed too low by Senator Musa.
These ambitious revenue targets are expected to contribute significantly to the country’s overall revenue target for 2025. The Federal Government is optimistic about achieving its revenue targets, driven by the positive impact of economic reforms implemented by the government.
