Figures cited by The Punch show that the Upper Chamber of the National Assembly has officially cleared the multi-trillion naira spending and revenue generation projections submitted by the Nigeria Customs Service. The legislative approval provides a legal and financial framework aimed at aggressively maximizing non-oil revenue collections over the current fiscal cycle.
The approved fiscal plan authorizes the agency to execute a N1.3 trillion expenditure layout designed to upgrade border surveillance infrastructure, boost staff welfare, and deploy advanced digital tracking software. Concurrently, the legislature has mandated the revenue collection body to meet an unprecedented N11 trillion inward revenue target to support the federal budget deficit.
Lawmakers commended the custom management’s current technological initiatives, noting that single-window automated clearings have considerably reduced leakages at the nation’s seaports. However, the committee warned that border enforcement must be balanced with trade facilitation to prevent regional trade diversion to neighboring West African ports.
The parliamentary development has been corroborated by other major capital market watchdogs. The Guardian reported on the revenue mandate, highlighting that “stringent legislative oversight will be maintained to guarantee compliance with the N11 trillion target.” Similarly, ThisDay observed that “the customs service’s aggressive digital drive is anticipated to broaden the federal government’s non-oil tax base significantly.”
Echotitbits take: Mandating an N11 trillion revenue target places immense pressure on the Nigeria Customs Service to maximize collections. While this fiscal drive is crucial for reducing the national debt-servicing ratio, businesses will need to watch for potential bottlenecks at ports of entry, as over-zealous tax collections can inadvertently raise import costs.
Source: The Cable – https://www.thecable.ng/senate-approves-customs-n11trn-revenue-target-n1-3trn-spending-plan/, July 9, 2026
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