Customs Contribution Crucial for Actualising Proposed Nigeria’s ₦48 Trillion 2025 Budget – Finance Minister

By InstinctBusiness Dec 23, 20240

The Nigeria Customs Service (NCS) has been commended for its pivotal role in boosting Nigeria’s economic recovery, as the Federal Government sets a ₦48 trillion expenditure target for 2025.

The Nigeria Minister of Finance, Mr Olawale Edun, highlighted the NCS’s importance during the 61st quarterly board meeting of the agency held on Wednesday, 18 December, at the Customs House, Maitama, Abuja. The meeting followed President Bola Ahmed Tinubu’s presentation of the 2025 budget to the National Assembly, tagged “A Budget of Restoration.”

The budget projects ₦35 trillion in revenue, with the NCS expected to play a critical role. Speaking further on the NCS’s performance, Mr Edun disclosed that the agency had generated over ₦5 trillion by November 2024.

“The NCS and other revenue bodies have performed remarkably well,” he said, linking the success to reforms introduced by President Tinubu.

The Honourable Minister further revealed that the government plans to secure concessionary loans, grants, and development support to fund the remaining ₦13 trillion.

Mr. Edun also noted that the board reviewed the NCS’s 2024 achievements, approving the recruitment of 3,927 officers and granting special promotions to top-performing personnel to bridge gaps and enhance trade facilitation.

“The NCS has excelled in suppressing smuggling and fostering trade, crucial for growth and job creation,” he added.

Mr. Edun concluded by urging Customs officers to remain committed to national goals, emphasising the agency’s role in poverty reduction and economic growth.