Senate Committee Approves N11.074tn Customs Revenue Target For 2026

The Senate Committee on Customs and Excise has approved an N11.074 trillion revenue target for the Nigeria Customs Service in the 2026 fiscal year.

The committee also approved an expenditure estimate of N1.235 trillion after Comptroller-General of Customs Adewale Adeniyi defended the agency’s budget before lawmakers at the National Assembly on Monday.

Adeniyi said Customs generated N7.277 trillion in 2025, beating its N6.584 trillion target by N674 billion, or 10.24 per cent. He also said the Service had collected N4.43 trillion by May 31, 2026.

The 2026 revenue projection includes N5.542 trillion for the Federation Account, N1.491 trillion for non-Federation accounts, N2.773 trillion from import VAT and about N1.266 trillion from the four per cent Free-on-Board levy.

Committee chairman Senator Isah Jibrin called the target ambitious but achievable and urged Customs to strengthen reforms, anti-smuggling work and trade facilitation.

Adeniyi warned that recent reductions in import tariffs and levies on new and used vehicles could affect collections, although the policy was designed to stimulate trade and ease pressure on importers.

Sources: Daily Post; Vanguard