The National Assembly’s Joint Committee on Finance has significantly increased the revenue projections for the Nigeria Customs Service and the Nigeria Deposit Insurance Corporation for the 2025 fiscal year.

The committee raised the NCS’s target from the proposed N6.5 trillion to N12 trillion, and for NDIC, from N163.3 billion to N180 billion.

These adjustments were made during budget and revenue projection defence sessions on Tuesday, where Chief Executives from various federal agencies presented their 2024 budgets and 2025 revenue forecasts.

NCS Comptroller-General, Adewale Adeniyi, initially projected that the service would generate N6.5 trillion naira in 2025, following a performance of N6.1 trillion naira in 2024.

However, the committee’s Chairmen, Senator Sani Musa and Hon. James Faleke, argued that the projection was conservative and encouraged the NCS to aim higher.

“Based on the aggregate opinions expressed by members of this committee, the Comptroller-General of Customs should aim at generating N12 trillion revenue for Nigeria in 2025, almost doubling the N6.5 trillion proposed by Customs itself,” Senator Musa said.

Similarly, when Managing Director and CEO of NDIC, Bello Hassan presented a 2025 revenue projection of N163.3 billion, the committee found the figure insufficient.

After consultations, Senator Musa proposed an increased target of N180 billion for NDIC. (Channels TV)