* Proposes N12trn Revenue Projection for Customs , N180bn for NDIC
The National Assembly on Tuesday in Abuja increased revenue projections for the Nigeria Customs Service (NIS) from the proposed N6.5 trillion to N12trillion under the 2025 Appropriation Act.
The Lawmakers also increased the appropriation for the Nigeria Deposit Insurance Corporation (NDIC) from N163.3 billion to N180billion .
The two separate but similar decisions of the joint committee were taken on Tuesday when Chief Executives of the federal government owned agencies appeared before it for defence of 2024 budget and revenue projections for 2025 fiscal year .
First to make a presentation on revenue projections for the 2025 fiscal year , was the Comptroller – General of Nigeria Custom Service, Bashir Adewale Adeniyi who said that having generated N6.1trillion in 2024 , Customs will comfortably generate N6.5trilliin in 2025.
But the Chairmen of the joint committee i.e, Senator Sani Musa and Hon James Faleke in their separate remarks , told the Customs CG , that the 2025 projected revenue should be far above N6 5trillion .
Senator Sani Musa in particular , said N10million should be the minimum revenue generation target for customs in 2025 which was however increased to N12trillion based on suggestions made to that effect by some other members of the committee .
” Based on the aggregate of opinions expressed by members of this committee, the Comptroller – General of Customs , should aim at generating N12trillion revenue for Nigeria in 2025 which almost doubles the N6 5trillion proposed by Customs itself “, he said .
Similar ambitious revenue generation projection was made for NDIC when its Managing Director and Chief Executive Officer , Mallam Bello Hassan , made a presentation on defence of 2024 budget and revenue projection for 2025.
The NDIC boss in his presentation , informed the committee that n163.3billion was projected as revenue generation in 2025 which was described as very low by the Chairman of the committee, Senator Sani Musa .
Senator Sani Musa after consultation with the co – chairman, Hon James Faleke , proposed N180billion for the Insurance body as projected revenue for 2025.
