Nigeria Customs sets N11.07 trillion 2026 revenue target

The Nigeria Customs Service has proposed a revenue target of 11.07 trillion naira for the 2026 fiscal year, an ambitious goal that follows a year in which the agency exceeded its 2025 target by over 10 percent. Comptroller-General Adewale Adeniyi presented the budget proposal to lawmakers in the House of Representatives and Senate committees on Monday, outlining a strategy reliant on deeper automation and enhanced enforcement.

Adeniyi disclosed that the service generated 7.28 trillion naira in 2025, surpassing its approved target of 6.58 trillion naira. He attributed this performance to sustained reforms despite significant revenue losses from government-approved fiscal incentives. He noted that approximately 34.54 trillion naira worth of imports benefited from duty exemptions and waivers last year, including those for military equipment, healthcare products, and items under the Compressed Natural Gas initiative.

For 2026, the projected revenue comprises 5.54 trillion naira from federation accounts, 1.49 trillion naira from non-federation accounts, 2.27 trillion naira from import Value Added Tax, and 1.26 trillion naira from the four percent Free-on-Board cost of collection....