The minister of finance and coordinating minister of the economy, Wale Edun, has sparked debate following his announcement that the Nigeria Customs Service (NCS) generated approximately N15 trillion in revenue by September 2024.
The figure was revealed during the 61st meeting of the NCS Board, which the minister presided over. The Federal Ministry of Finance shared details of the meeting in a statement on its verified X handle on Friday.
Edun’s claim significantly exceeds the revenue figure previously announced by the Comptroller General of Customs (CGC), Adewale Adeniyi.
However, speaking at the 2024 CGC’s Conference in November, Adeniyi disclosed that the NCS had generated N5.079 trillion in revenue within the first 11 months of the year, surpassing the N5.07 trillion target set at the beginning of 2024.
The disparity in figures has raised concerns over the accuracy of the minister’s claims. Critics argue that if the N15 trillion revenue figure is accurate, it would be sufficient to offset Nigeria’s N9.18 trillion budget deficit for 2024.
This is despite other significant revenue sources, including the Federal Inland Revenue Service, the Nigerian National Petroleum Company Limited, and proceeds from asset sales and government-owned enterprises.
Meanwhile, Nigeria’s domestic borrowing for 2024 has already reached N8.93 trillion, 67 per cent higher than the initial target of N6 trillion as of November. The government is projected to borrow up to N10 trillion by the end of the year.
Edun highlighted the Customs revenue as a marker of fiscal recovery, suggesting that it strengthens the government’s capacity to fund critical social and infrastructural programs. He attributed the revenue success to President Bola Tinubu’s economic reforms, which he said are steering the nation toward stability and sustainable growth.
To further improve operational efficiency, the minister approved the recruitment of 3,927 new personnel for the NCS in 2024/2025, addressing staffing gaps identified in a comprehensive needs assessment.
The minister also reaffirmed the pivotal role of the NCS in the government’s fiscal consolidation strategy, which seeks to balance revenues and expenditures for macroeconomic stability.
Looking ahead to 2025, the government has proposed a N48 trillion “Budget of Restoration,” with projected revenues of N35 trillion. The remainder is expected to be financed through concessionary loans, international grants, and domestic borrowing. The budget aims to revitalize the economy, focusing on security, job creation, and poverty reduction.
Edun urged the CGC and the NCS team to remain committed to achieving the administration’s economic goals and fostering sustained growth for Nigeria.