Nigerian Senate Approves N11 Trillion Revenue Target for Customs

The Senate of Nigeria approved the 2026 budget proposal for the Nigeria Customs Service (NCS), endorsing a revenue target of N11.074 trillion and total expenditures of N1.295 trillion. The approved spending includes N421 billion for personnel, N307 billion for overheads, and N565 billion for capital projects. These expenditures are primarily funded by the statutory four percent Free on Board levy under the Nigerian Customs Service Act, 2023.

This approval followed a report by the Senate Committee on Customs, Excise and Tariffs, which highlighted that the NCS exceeded its 2025 targets by generating N7.2 trillion against a projected N6.5 trillion. To reach the ambitious 2026 goals, the agency intends to implement real-time audit systems and expand its technology deployment to streamline collection and reduce leakages.

Senate leadership praised the agency for its fiscal discipline. Deputy Senate President Jibrin Barau stated that the performance justified President Bola Ahmed Tinubu's decision to extend the tenure of the customs comptroller-general, describing the agency's efficiency as a point of national pride.

The approval signals a shift toward more aggressive revenue mobilization and digital transformation within the agency. By leveraging technology and higher targets, the NCS aims to increase the government's non-oil revenue stream, potentially reducing fiscal deficits and providing the federal government with greater liquidity for national infrastructure projects.