Nigeria Customs Surpasses 2025 Revenue Target by 10.24%

The Nigeria Customs Service, led by Comptroller General Adewale Adeniyi, reported exceeding its 2025 revenue target by 10.24%, generating ₦7.28 trillion against an annual target of ₦6.58 trillion. This achievement occurred despite substantial revenue losses due to government-approved tax waivers aimed at stimulating economic growth.

Adeniyi defended the agency's performance while presenting the 2026 budget proposal to the House of Representatives. He clarified an error in the budget document regarding revenue generation figures for January to December 2025.

The report indicated that ₦34.53 trillion worth of imports were affected by various exemptions and waivers, including military equipment and strategic items. Additionally, the Customs Service faced challenges due to geopolitical tensions disrupting global supply chains, particularly affecting wheat imports.

The agency's budget for 2025 was approved at ₦1.13 trillion, with ₦808.86 billion available for implementation, attributed to a transition to a new funding model.