NewStats: 3,261,685 , 8,174,774 topics. Date: Friday, 30 May 2025 at 06:48 AM 1033b

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 t 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 .”

FIRS
Also in his presentation, Chairman of Federal Inland Revenue Service, FIRS, Zacch Adedeji, informed the t committees that FIRS had sured 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, 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 sured them as revenue generating agencies, does not mean that the borrowing component of an appropriation law, ed 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 port 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.”

https://www.vanguardngr.com/2024/11/nnpc-customs-firs-exceed-revenue-targets-rake-in-n37trn/amp/

Case of "the more you look 👀 the less you see "

Hope These FG agencies are taking us for fool's o

We no be girls wey una fit de call big big money for to toast us when borrow borrow wan kee una .

Still.....God Punish Buhari

Lamba. I have 10 cars but I dey wait for lift everyday from my neighbours

Yet the government is neck deep in excessive borrowing from internal and external sources

Nawa Nlfpmod, which kind life be dis. Why we come dey borrow like person wey dey Ramat Park.

You have 100 business and increase their tax, out of the business 60 closed, and the remaining 40 increase their cost and value, meanwhile you as an agency meet your target, while unemployment have increase and cost of goods have gone up,
This govt no they think

ok

Crazy.... I just dey cry if I see anything FG

N37 trillion will be sounding like a lot of money until you convert it to dollars and compare it with what Google or Amazon generates in a similar quarter. This country needs creative minds to harness its huge potential.

If you devalue your currency, it is normal for custom to generate more money.

Hyperchi:
You have 100 business and increase their tax, out of the business 60 closed, and the remaining 40 increase their cost and value, meanwhile you as an agency meet your target, while unemployment have increase and cost of goods have gone up,
This govt no they think

Which tax was increased?

Has the new tax system been accepted and ed?

They raked in such huge amount at the detriment of the common masses. Tax them all and still yet keep borrowing. The subsidy fraud is just annoying. They claimed they stopped fuel subsidy payment to Stop borrowing. It's just a little over a year Tinubu became president and he has borrowed well over 80 Trillion an amount which is more than double of what buhari borrowed in his 8 Years as President and some APC dimwits will still come and be hailing the emperor Tinubu. When the time is right. The Masses will start holding this rulers responsible

Milking no this one..

37 Trillion and you are still borrowing. Lairs and criminals.

It's well. How can PPP takes 70,% and Country takes 30%. That is somehow

But y'all cronies keep borrowing until y'all borrow the futures of the unborn generations abi

[quote author=maxkia post=133038710]They raked in such huge amount at the detriment of the common masses. Tax them all and still yet keep borrowing. The subsidy fraud is just annoying. They claimed they stopped fuel subsidy payment to Stop borrowing. It's just a little over a year Tinubu became president and he has borrowed well over 80 Trillion an amount which is more than double of what buhari borrowed in his 8 Years as President and some APC dimwits will still come and be hailing the emperor Tinubu. When the time is right. [b]The Masses will start holding this rulers responsible [/[/b]quote]Never!!! This is Nigeria

So where is the money.



Only poor man will hear 1 billion thinking is money.
.


Ordinary 37B

Poor people eeeh

All these humongous sums that will be looted

The target was given to the MDA's when $ was around #800, they are now telling us they exceed their targets @1650/$.

NNPCL with it's reported over $6 Billion dollars (not Naira) debt reported not long ago raked in what?

Nigerians don't pay tax
We must widen the tax net
Yen Yen Yen Yen
Nairalanda1 and goons

nedu666:
Lamba. I have 10 cars but I dey wait for lift everyday from my neighbours

You summarize am well 😂

I get 1 billion for but I need to borrow 1m to start my business... These people are clowns

Rashduct4luv:


Which tax was increased?

Has the new tax system been accepted and ed?

Have u ever asked how customs generate such revenue? Have u ever imported goods before? A 40ft container which used to be cleared at #4M is now cleared with #21M. Ask car dealers how much they use in clearing vehicles presently.

The article below is a food for thought

---

Few months ago, I called out British Airways for leaving hundreds of engers stranded in Lagos and also in Abuja.

Nobody called me enemy of progress or anti British.

British Airways replied to my tweets, apologising for that development and explained the efforts they have put in place to ensure every enger is well catered for while contingent plans are on top gear to airlift all of them.

That's how societies advance.

One of the biggest challenges affecting governance and service delivery in Nigeria is that most regulatory agencies in the country are more focused on revenue generation than proper regulatory functions.

That's why their heads are judged by how much they generated instead of how effective and efficient they are in their statutory areas of duties.

Do you know how much FAAN makes everyday from that toll gate between MMIA domestic terminal and international terminal, yet there are potholes on same road and the road linking to the private terminal and the Legend Hilton.

Does that road look like where a top class 5 Star airport hotel is, or a road where billionaires drive through everyday to board their private jets? That's why David calls them toilet elites.

What are they doing with the funds they collect daily when they can't provide reliable air-conditioning system and even something as basic as free WiFi?

If FAAN and NCAA are equal to their calling, airlines won't be treating engers as lepers and an airline without full capacity to manage 10 destinations shouldn't be alloted 10 extra destinations without increasing fleet size.

Half of the airfares engers pay goes to all sorts of taxes, and dues to myriads of government agencies, yet same government can't do what a government should do: protect the interests of the engers.

Yet same engers who are getting sh*tty services inspite of high fares would be the first to defend those feeding them fecalised services.

They can't make demands from FAAN, they can't demand fair services from the airlines, and the government cares less about them.

How come that inspite of the huge sums of money these agencies and FIRS claim they're generating we are still going around the world cap-in-hand, borrowing money to fund the budget?

We deserve this Nigeria.

Kelechi Deca

We have to make every government institution work for us. Service must be the first priority over profit. I paid a million naira for a survey about 7 years ago, Lagos State government is asking for another 1.5m for the same survey. It isn't that the first one from the surveyor of the family I got my house is wrong, but it is what it is we allow the system to suffocate us, pretend that all is well , and resign to handing over these inverted values in our society to our successor generations. Nigeria is failing because we allow it to.

With all these money being generated, what is the significance on the masses. We are producing nearly 2 million barrels of oil per day and yet we keep on borrowing. We are generating 37 trillions internally and we keep on borrowing. Economy is in shambles, nothing is working for the masses. What's the influence of these money on the masses?

At the detriment of poor Nigerians.

https://www.youtube.com/watch?v=SQiQh7hOY7g

Good

Raking in more revenue by increasing charges instead of reducing them based on the current economic situation of the country.

Na IBB dey behind that port deal o....printed in Cyprus. So guys, make una back off that tree.... and off your mic 🎤

BAT no wan make too much enemies for 2027.

You gerrit, else forget about rit.

😁

ogododo:


https://www.vanguardngr.com/2024/11/nnpc-customs-firs-exceed-revenue-targets-rake-in-n37trn/amp/

If this rubbish is true, why is the FGN still borrowing money and are at the beck & call of China and the West? They keep deceiving gullible children in our midst