Nigeria Customs Service Targets N11.074 Trillion Revenue

The Nigeria Customs Service, under the leadership of Mr. Bashir Adekola Adeniyi, is optimistic about achieving a revenue target of N11.074 trillion by December 2026. As of June 2023, the agency reported a revenue collection of N4.4 trillion, although it projected N5.5 trillion at the mid-year point.

Adeniyi attributed the shortfall to various challenges, including a temporary blockade in the Strait of Hormuz due to the Iran-US crisis, which reduced cargo volumes arriving in Nigeria. He expressed confidence that easing restrictions on cargo arrivals would help the agency rebound in revenue collection.

Senator Isah Jibrin Echocho, chair of the Senate committee, noted that the Customs Service had exceeded its revenue target by 10.24% in 2025. The National Assembly set a revenue target of N6.58 trillion for the agency, which aims to surpass this with a projected N7.277 trillion by the end of the year.

The Customs Service's budget proposal for 2026 is similar to the previous year's, covering recurrent and capital expenditures.