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Senate

The Nigerian Senate on Wednesday approved the 2026 budget proposal of the Nigerian Customs Service, endorsing a revenue target of N11.074 trillion and an expenditure estimate of N1.295 trillion for the fiscal year.

The approval followed the consideration and adoption of a report by the Senate Committee on Customs, Excise and Tariffs during plenary.

Presenting the report, the committee chairman, Senator Isah Jibrin, said the Customs Service exceeded its 2025 revenue target of N6.5 trillion by generating about N7.2 trillion, representing a performance rate of 110.53 per cent. He noted, however, that the figure could have been higher but for the suspension of excise duty on telecommunications services, fiscal policies promoting local production of healthcare products, and trade disruptions linked to the Russia-Ukraine war.

On expenditure, Jibrin said the service had an approved budget of about N1.132 trillion in 2025 but spent only N591 billion, with low capital utilisation attributed to delays in project approvals by the Bureau of Public Procurement and the Federal Executive Council.

The committee said the proposed N1.295 trillion expenditure comprises N421 billion for personnel costs, N307 billion for overheads and N565 billion for capital projects, to be funded mainly from the statutory four per cent Free on Board levy under the Nigerian Customs Service Act, 2023.

Deputy Senate President Barau Jibrin commended the agency’s performance, saying: “You have an entity that budgeted to generate about N6.5 trillion but ended up generating N7.2 trillion. That is a wonderful performance, and we cannot commend the Comptroller-General and his team enough.”

READ ALSO: EFCC Arraigns Former Port Harcourt Refinery Boss Over ₦1.32bn Fraud

He added: “For an agency to propose generating N11 trillion and spending only N1.2 trillion to run its operations shows remarkable fiscal discipline. This is an institution Nigerians should be proud of.”

Senate President Godswill Akpabio put the proposals to a voice vote, and lawmakers unanimously approved both the revenue target and expenditure estimates.

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Hibbatullah Shittu
The Traffic NG

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