NNPC, Customs, FIRS Exceed Revenue Targets, Rake In ₦‎37 Trillion

The Nigeria Customs Service, NCS; Nigerian National Petroleum Company Limited, NNPCL, and Federal Inland Revenue Service, FIRS, have all exceeded their revenue targets.

They raked in a combined revenue of N36.952 trillion, which is way above the target for the 2024 fiscal year.

However, the Federal Government insisted that “borrowing is still needed for proper funding of the budget despite increased revenues made by some agencies“.

These facts emerged during an interactive session Federal Government’s revenue generating agencies had with the Senator Sani Musa (APC, Niger East) led National Assembly’s joint Committees on Finance, Budget and National Planning on 2025-2027 Medium Term Expenditure Frame Work, MTEF, and Fiscal Strategy Paper, FSP, today.

At the one-day session that lasted over four hours in Room 231, Senate wing, the revenue-generating agencies made their separate presentations on 2024 budget performance and revenue projections for N49.7 trillion 2025 budget.

Customs
In his presentation before the Committees, the Comptroller-General of Nigeria Customs Service, NCS, Bashir Adeniyi, disclosed that by 30th of September this year, Customs had raked in N5.352 trillion.

This was above N5.09 trillion targeted for the entire 2024 fiscal year.

He said that N6.3 trillion is targeted as projected revenue for 2025. He said a 10% increase would be the revenue target for 2026, and additional 10% increase for 2027 fiscal year.

NNPC
On his part, the Group Chief Executive Officer, GCEO, of Nigerian National Petroleum Company Limited, NNPCL, Mele Kyari, noted that the Company exceeded the N12.3 trillion revenue projected for 2024 by already raking in N13.1trillion.

Reflecting on Lagos 2025 Budget of Sustainability
He said: “For the 2025 fiscal year, N23.7 trillion is projected by NNPCL to be remitted into the federation account.”

FIRS
Also in his presentation, Chairman of Federal Inland Revenue Service, FIRS, Zacch Adedeji, informed the joint committees that FIRS had surpassed targeted revenues across the various tax components.

He said that on Company Income Tax, N4 trillion was targeted, but N5.7 trillion has been realised.

On Education tax, while N70 billion was targeted, a total of N1.5 trillion has been realised.

He said: “All in all, out of N19.4 trillion targeted for 2024 fiscal year, N18.5 trillion was realised as at the end of September.

“This clearly shows that the target will be far exceeded by the end of the year.”

Why is FG still borrowing- Senate
At the end of their presentations, members of the Committees took them up on why the Federal Government is still seeking for foreign loans despite the high increase of internally generated revenues.

Senator Adamu Aliero (PDP Kebbi Central) was the first to ask: “What is the Federal Government doing with excess revenues generated by the various agencies in view of its unending request for foreign loan approval?”

In his response, the FIRS boss noted that loans being requested by the executive were already part of the appropriation act.

He said: “Borrowing is part of what have been approved by the National Assembly for the Federal Government, meaning that the executive borrows based on approval of the legislature.

“The fact that we meet revenue targets, and even surpassed them as revenue generating agencies, does not mean that the borrowing component of an appropriation law, passed by the National Assembly should not be activated.”

Immigration flounders
However, the Immigration Service of Nigeria ran into troubled waters at the interactive session over highly lopsided Private Public Partnership, PPP, arrangements on passport production, which gave consultancy firm 70% of proceeds and government 30%.

The Chairman of the Committee, Senator Sani Musa ordered Immigration to present all the documents on the unacceptable PPP arrangement to the committee before the end of the week.

He said: “The so-called PPP arrangement must be reviewed or cancelled because Nigeria and Nigerians are seriously being short-changed.”