Customs, NNPCL, FIRS exceed 2024 revenue targets, rake in N36.952 trillion

• Three Federal Government’s revenue-generating agencies have made N36.952 trillion in revenue so far
• The agencies are the Nigeria Customs Service, NNPCL and FIRS
• The Nigeria Immigration Service was queried for a lopsided PPP arrangement

The Nigeria Customs Service (NCS), Nigerian National Petroleum Company Limited (NNPCL), and the Federal Inland Revenue Service (FIRS) exceeded their 2024 revenue targets, raking in N36.952 trillion.

This was disclosed at a one-day interactive session on Monday, November 25, between the revenue-generating agencies and the National Assembly’s joint Committees on Finance, Budget, and National Planning on the 2025-2027 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).

During the four-hour long session, the revenue-generating agencies made their separate presentations on 2024 budget performance and revenue projections for the N49.7 trillion 2025 budget.

Customs generated N5.353 trillion in revenue

In his presentation, the Comptroller-General of NCS, Bashir Adeniyi, said as of September 30, 2024, Customs generated N5.352 trillion in revenue, which is more than the N5.09 trillion target for the entire 2024 fiscal year.

He said the agency is targeting revenue of N6.3 trillion for 2025, a 10 per cent increase in revenue target for 2026, and an additional 10 per cent increase in revenue target for the 2027 fiscal year.

NNPCL projects N23.7 trillion as 2025 revenue

During his presentation, the Group Chief Executive Officer of the NNPCL, Mele Kyari, said the company exceeded the N12.3 trillion revenue projected for 2024 as it has already made N13.1 trillion in revenue.

For the company’s projected revenue for 2025, Kyari said it is targeting N23.7 trillion.

He said, “For the 2025 fiscal year, N23.7 trillion is projected by NNPCL to be remitted into the federation account.”

FIRS made N18.5 trillion out of N19.4 trillion target

Chairman of the FIRS, Zacch Adedeji, told the committees that the service has so far realised N18.5 trillion of the N19.4 trillion revenue target for the year, exceeding targeted revenues across the various tax components.

He said N5.7 trillion had been realised from Company Income Tax, which is more than the projected N4 trillion target. The FIRS also exceeded its target of N70 billion on education tax, raking in N1.5 trillion so far.

Adedeji said, “All in all, out of N19.4 trillion targeted for the 2024 fiscal year, N18.5 trillion was realised as of the end of September.

“This clearly shows that the target will be far exceeded by the end of the year.”

Immigration queried for lopsided PPP arrangements

The committees faulted the Nigeria Immigration Service (NIS) over highly lopsided Private-Public Partnership (PPP) arrangements on passport production.

They queried why consultancy firms got 70 per cent of proceeds from passport production, leaving only 30 per cent to the government.

To this end, the Chairman of the Committee, Senator Sani Musa, ordered the NIS to present all the documents on the unacceptable PPP arrangement to the committee before the end of the week.

Senator Musa said, “The so-called PPP arrangement must be reviewed or cancelled because Nigeria and Nigerians are seriously being short-changed.”

Higher taxes, oil revenues boost FG’s earnings to N12.5 trillion in 2023

Meanwhile, TheRadar earlier reported that the increase in taxes and oil revenues contributed to the 76 per cent rise in the Federal Government’s earnings in 2023.

According to the recently released 2025-2027 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF-FSP) from the Ministry of Budget and Economic Planning, the Federal Government’s earnings rose from N7.1 trillion in 2022 to N12.5 trillion in 2023.