Customs Revenue Crucial for Achieving Nigeria’s N48 Trillion 2025 Budget, Says Finance Minister

The Nigeria Customs Service (NCS) has been lauded for its critical contribution to the nation’s economic recovery as the Federal Government targets an ambitious N48 trillion expenditure for 2025.

This commendation was made by the Honourable Minister of Finance, Mr Olawale Edun, during the 61st quarterly board meeting of the NCS held on Wednesday, 18 December, at the Customs House in Maitama, Abuja.

The meeting took place shortly after President Bola Ahmed Tinubu presented the 2025 budget to the National Assembly under the theme, “A Budget of Restoration.”

According to the Finance Minister, the budget aims to generate N35 trillion in revenue, with the NCS expected to play a pivotal role.

Highlighting the agency’s stellar performance, Mr Edun revealed that it had already collected over N5 trillion in revenue as of November 2024.

“The NCS and other revenue bodies have performed remarkably well,” he noted, attributing this success to reforms initiated by President Tinubu.

He further stated that the government plans to fund the remaining N13 trillion through concessionary loans, grants, and development assistance.

During the board meeting, the achievements of the NCS in 2024 were reviewed, leading to key decisions aimed at enhancing its capacity.

The Minister announced the recruitment of 3,927 officers to fill operational gaps and the approval of special promotions for high-performing personnel.

These measures, he said, were necessary to strengthen trade facilitation and boost the agency’s efficiency.

“The NCS has excelled in suppressing smuggling and fostering trade, which are essential for economic growth and job creation,” Mr Edun remarked.

Mr Edun urged Customs officers to remain steadfast in their dedication to national development goals, underscoring the agency’s role in poverty alleviation and economic growth.

He stressed that the NCS’s efforts were integral to achieving the objectives of the 2025 budget and ensuring Nigeria’s economic stability.