Senate Approves N1.3tn Customs Budget and Revenue Target

On Wednesday, the Nigerian Senate approved the Nigerian Customs Service's budget proposal of N1.3 trillion and endorsed a revenue target of N11.07 trillion for the 2026 fiscal year. This decision followed the consideration of a report from the Senate Committee on Customs, Excise, and Tariff, chaired by Isah Jibrin.

The committee examined the agency's 2025 budget performance, noting that the Customs Service exceeded its revenue target by generating N7.2 trillion, representing 110.53%. Factors contributing to this performance included the suspension of excise duties on telecommunications and fiscal policies promoting local products.

The committee disclosed that the proposed expenditure of N1.295 trillion includes N421 billion for personnel costs, N307 billion for overhead, and N565 billion for capital projects. The Senate, led by President Godswill Akpabio, unanimously approved the revenue target and expenditure estimates, commending the Customs Service for its performance and fiscal discipline.