The National Assembly through its joint committee on Finance has proposed revenue projections for Nigeria Customs Service from 6.5trillion naira to 12trillion naira in the 2025 fiscal year.
It also increased that of the Nigeria Deposit Insurance Corporation (NDIC) from 163.3billion naira to 180 billion naira.
The two separate but similar decisions of the joint committee were taken when Chief Executives of the federal government owned agencies appeared before it for defence of 2024 budget implementation and revenue projections for 2025 fiscal year.
First to make presentation on revenue projections for the 2025 fiscal year, was the Comptroller – General of Nigeria Customs Service, Bashir Adewale Adeniyi who said that having generated N6.1trillion in 2024, Customs would comfortably generate N6.5trilliin in 2025.
But the Chairmen of the joint committees Senator Sani Musa and James Faleke in their separate remarks, told the Customs CG, that the 2025 projected revenue should be far above N6 5trillion.
Senator Sani Musa in particular, said 10 trillion naira should be the minimum revenue generation target for customs in 2025 which was however increased to N12trillion based on suggestions made to that effect by some other members of the committee.
“Based on aggregate of opinions expressed by members of this committee, the Comptroller – General of Customs, should aim at generating N12trillion revenue for Nigeria in 2025 which almost doubles the N6 5trillion proposed by Customs itself “, he said.
Similar revenue generation projection was made for NDIC when its Managing Director and Chief Executive Officer, Mallam Bello Hassan, made presentation on defence of 2024 budget and revenue projection for 2025.
The NDIC boss in his presentation, informed the committee that 163.3billion naira was projected as revenue generation in 2025 which was described as very low by the Chairman of the committee, Senator Sani Musa.
Senator Sani Musa after consultation with the co- chairman, James Faleke, proposed 180billion naira for the Insurance body as projected revenue for 2025.
