The Nigeria Customs Service (NCS) has recorded a historic revenue generation of approximately ₦15 trillion as of September 2024, marking a significant milestone in Nigeria’s fiscal recovery. This was disclosed on Wednesday during the 61st meeting of the NCS Board, presided over by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.
Speaking at the event, Minister Edun lauded the NCS for its outstanding performance, attributing the achievement to President Bola Tinubu’s economic reforms, which have laid the foundation for stability and sustainable growth. The Minister emphasized that the revenue milestone is instrumental in the government’s ability to fund critical social programs and infrastructural projects, further advancing the administration’s development agenda.
To sustain and improve its operations, the Minister announced the approval of 3,927 new recruits for the 2024/2025 fiscal year. This strategic expansion, based on a comprehensive needs assessment, aims to address existing staffing gaps and enhance the efficiency of the NCS in revenue collection, trade facilitation, and border security.
Minister Edun highlighted the pivotal role of the NCS in the government’s fiscal consolidation strategy, which seeks to align revenues with expenditures for macroeconomic stability. He reiterated the administration’s commitment to strengthening key institutions like the NCS to drive economic growth and development.
The Minister also shed light on the 2025 “budget of restoration,” a ₦48 trillion financial plan aimed at economic revival. The budget projects ₦35 trillion in revenues, with the remaining deficit to be funded through concessionary loans, international grants, and domestic borrowing. According to Edun, the budget underscores the administration’s focus on critical areas such as security, job creation, and poverty alleviation.
Commending the leadership of Comptroller General Bashir Adewale Adeniyi and his team, Minister Edun encouraged the NCS to sustain its commitment to excellence and innovation. He acknowledged their dedication to achieving the administration’s economic objectives and fostering a conducive environment for trade and investment.
The ₦15 trillion revenue milestone underscores the transformative potential of strategic reforms and institutional efficiency, positioning the NCS as a cornerstone of Nigeria’s fiscal stability and economic growth.
