The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has set an ambitious challenge for the Nigeria Customs Service (NCS), urging the agency to contribute significantly to achieving the N35 trillion revenue target outlined in President Bola Tinubu’s 2025 budget proposal.
At a meeting held on December 18, 2024, Edun addressed the Customs Service’s critical role in meeting the country’s revenue needs. This meeting, the 61st quarterly board gathering of the NCS, took place at the Customs House in Maitama, Abuja.
The meeting followed President Tinubu’s presentation of the 2025 budget, which he called “A Budget of Restoration.” The budget projects total revenue of N35 trillion for 2025, with the NCS expected to play a key role in reaching this ambitious target.
In his address, Edun highlighted the importance of the NCS in the country’s economic stability, stating that its contributions would be vital to the success of the federal government’s financial plan.
“The Nigeria Customs Service plays a critical role in the revenue profile of our nation,” Edun said, stressing the importance of the agency’s work in achieving the budget’s revenue goals.
The finance minister noted that the NCS had already made remarkable strides in its revenue generation efforts. In November 2024 alone, the agency generated more than N5 trillion, a performance that Edun described as impressive.
“The NCS and other revenue bodies have performed remarkably well,” Edun stated, crediting the agency’s success to the various reforms introduced under President Tinubu’s administration.
The NCS’s impressive performance is seen as a testament to the ongoing economic reforms aimed at boosting revenue collection and reducing reliance on external borrowing. However, Edun made it clear that additional steps are needed to meet the full N35 trillion target set by the government.
The finance minister also revealed that the government plans to secure additional funding to bridge the gap between the revenue generated by the NCS and the overall target. This will be done through concessionary loans, grants, and other development support.
“To fund the remaining N13 trillion, the government will seek out concessionary loans, grants, and development assistance,” Edun explained. This strategy is part of a broader plan to reduce Nigeria’s fiscal deficit while ensuring adequate resources for national development.
During the meeting, the board of the NCS reviewed the agency’s achievements in 2024. A key highlight was the approval for the recruitment of 3,927 new officers to strengthen the agency’s operations. Special promotions were also granted to top-performing personnel in recognition of their contributions.
“The NCS has excelled in suppressing smuggling and fostering trade, both of which are crucial for economic growth and job creation,” Edun noted. The finance minister emphasised the importance of continuing these efforts to enhance trade facilitation and ensure the country’s economic development.
Edun concluded by urging NCS officers to remain focused on national goals, reminding them of their vital role in poverty reduction and overall economic growth.
“Our work in the NCS is directly linked to the national goals of poverty reduction and economic progress,” he said. “You have a significant role to play in building a prosperous Nigeria, and I urge you to continue with the commitment and dedication you have shown so far.”
As Nigeria strives to meet the targets set in its 2025 budget, the performance of the NCS will be closely watched. With the agency’s critical role in revenue generation and trade facilitation, the finance minister’s challenge highlights the growing expectations placed on the Customs Service to contribute to the country’s economic recovery.
Experts agree that the success of Nigeria’s revenue collection efforts will depend on the continued reform and strengthening of key agencies like the NCS. The government’s reliance on these bodies to generate income, combat smuggling, and facilitate trade is seen as essential for reaching the ambitious N35 trillion revenue target.
“The NCS’s role in the success of the 2025 budget cannot be overstated,” said a Nigerian economic analyst. “The agency’s performance in the coming months will be key to whether the government can meet its revenue targets and reduce its dependence on external borrowing.”
The NCS has already made significant progress in addressing issues such as smuggling and trade facilitation, areas that have traditionally been a challenge for the agency. As the government ramps up its efforts to meet the 2025 revenue target, the Customs Service will be expected to continue its reforms and improve efficiency in revenue collection.
In addition to the NCS’s efforts, the federal government is also focusing on diversifying the economy and reducing its reliance on oil revenue. This includes promoting non-oil exports, strengthening the agricultural sector, and improving infrastructure to boost trade and investment.
The 2025 budget proposal, which focuses on economic restoration and recovery, aims to reduce Nigeria’s fiscal deficit and boost domestic revenue. Achieving the N35 trillion revenue target will require a combination of efforts, including effective tax collection, improved trade facilitation, and increased foreign investment.
“We are confident that with the continued efforts of agencies like the NCS, we can achieve the goals set out in the 2025 budget,” Edun said in closing. “But it will require the commitment and hard work of everyone involved.”
