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NCS Targets N6.58trn Revenue For 2025

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The Nigeria Customs Service (NCS) has announced plans to generate N6.58 trillion in revenue for 2025, following its record-breaking performance in 2024, where it collected N6.11 trillion.

The 2024 figure not only surpassed the year’s target of N5.08 trillion by N1.03 trillion but also marked an impressive 20.2% increase over the target.

The Comptroller-General of Customs (CGC), Bashir Adewale Adeniyi, disclosed the achievement during a media briefing on the service’s performance and outlook for 2025.

READ MORE: ASUU Rejects Proposal To Phase Out TETFund, Warns of Education Crisis

He described the 2024 revenue as historic, noting a 90.4% growth compared to the N3.21 trillion collected in 2023.

“Our performance in 2024 reflects the most significant year-on-year growth in recent years,” Adeniyi stated. “This remarkable achievement demonstrates our commitment to excellence and our ability to adapt to an evolving global trading environment.”

In a related development, the National Assembly Joint Committee on Finance has increased the NCS revenue projection for 2025 to N12 trillion in the federal appropriation bill, more than doubling the initial estimate of N6.5 trillion.

Adeniyi expressed confidence in the service’s capacity to meet the challenge, emphasizing that their strategic priorities align with national economic objectives.

“We approach this challenge with determination, building on our achievements in 2024 and leveraging our enhanced capabilities,” he said.

Revenue Breakdown for 2024

The CGC provided a detailed breakdown of the N6.11 trillion revenue collected in 2024:

N3.66 trillion was deposited into the Federation Account, comprising import duties, excise duties, proceeds from e-auctions, and the Common External Tariff (CET) levy.

N816.90 billion came from Non-Federation Account Levies, N1.63 trillion was generated from Value Added Tax (VAT) on imports.

Adeniyi noted that these figures were achieved despite significant concessions to support various economic sectors, totaling N1.68 trillion.

The concessions included: N723 billion in import duty waivers, N372.65 billion in levy concessions, N586.65 billion in import VAT relief.

Surge in Trade Activity

Trade statistics for 2024 revealed substantial growth in both imports and exports:

Imports recorded a Cost, Insurance, and Freight (CIF) value of N60.29 trillion, a 117.4% increase from N27.74 trillion in 2023, despite an 8.2% decline in transaction volume.

Exports reached a CIF value of N136.65 trillion, up 219.5% from N42.77 trillion in 2023.

Adeniyi highlighted that the increase in import value reflects a shift toward higher-value goods in Nigeria’s trade portfolio.

The CGC underscored the service’s commitment to sustaining its momentum in 2025.

“Our success in 2024 underscores the growing trust in the Nigeria Customs Service’s capabilities. As we move into 2025, we remain focused on optimizing revenue generation, strengthening trade facilitation, and ensuring compliance with customs regulations,” he said.

 

 

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Man Caught With Girlfriend’s Severed Head Claims No Regrets (Video)

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A 32-year-old man, Timileyin Ajayi, is in the custody of the Nasarawa State Police Command for allegedly murdering and dismembering his girlfriend, 24-year-old corps member Salome Adaidu.

The tragic incident occurred during Adaidu’s visit to Ajayi’s residence in the Papalana area of New Karshi, Karu Local Government Area.

Ajayi was apprehended on January 12 while attempting to dispose of Adaidu’s severed head. At the Nasarawa State Police headquarters, where he was paraded alongside the weapons reportedly used, Ajayi admitted to the crime, attributing it to jealousy after discovering chats with other men on her phone.

Speaking in an interview with Channels Television, he said, “I killed her because we don’t have each other all the time, it’s not something I planned. It happened on that day and it happened. Not that I have the plan in mind, she was cheating.”

He further declared, “I don’t have any regrets because life is reciprocal… You have to understand what that person is going through.”

READ MORE: Fire Razes Goods Worth Billions At Nkwo Nnewi Market

The family of the deceased denied any knowledge of a relationship between the two. Adaidu’s sister, Esther, stated, “We have never seen him until we were called up to tell us that this guy murdered and dismembered our sister.”

Adaidu’s uncle, Samson Adaji Adaidu, described the gruesome crime, saying, “He butchered her into pieces… He cut that body into more than 50 pieces.”

The Police Public Relations Officer, SP Ramhan Nansel, assured the public that Ajayi would face justice. “Upon conclusion of the investigation, he will be arraigned in court for prosecution,” he said, urging anyone with additional complaints to come forward.

Although earlier reports suggested Ajayi was a gospel singer, he identified himself as a cryptocurrency trader during the interview.

This shocking case has left the community demanding justice for the young woman whose life was tragically cut short.

Watch Video here:

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Fire Razes Goods Worth Billions At Nkwo Nnewi Market

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Europe Fires: Countries Hit By Wildfires In Past Weeks

In the early hours of Tuesday, a devastating fire broke out at Nkwo Nnewi Market, the largest market in Nnewi, Anambra State, destroying goods worth billions of naira

The inferno, which threatened to consume the entire market, was contained after a coordinated emergency response led by Prof. Joseph Ugboaja, Chief Medical Director (CMD) of Nnamdi Azikiwe University Teaching Hospital (NAUTH), Nnewi.

The fire, which broke out before dawn, jolted traders and residents of the industrial town awake as flames spread rapidly through the affected section.

Witnesses said the situation could have escalated to a catastrophic loss of goods and property worth trillions of naira if not for the intervention of the NAUTH fire-fighting team.

Prof. Ugboaja mobilized five fire trucks and personnel from the hospital’s fire department to battle the blaze.

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After more than five hours of intense firefighting, the flames were extinguished, preventing the fire from spreading to other parts of the market.

A trader, Donald Okafor, described the incident as a wake-up call for the community. “The traders were jolted by the fire because they knew what they would have lost if it affected other parts of the market. But thank God for the intervention of the CMD of NAUTH, who single-handedly mobilized firefighters to save the day,” he said.

Another trader, Okechukwu Okonkwo, commended the efforts of NAUTH and its fire-fighting team.

“While I must commend the volunteers who tried their best to extinguish the fire, the management of NAUTH should be praised for responding swiftly to the distress call. Prof. Ugboaja’s leadership and the professionalism of his team showcased the importance of having a well-equipped fire-fighting department.”

Okonkwo also noted the critical role played by NAUTH’s recent investments in emergency response infrastructure.

“Since Prof. Ugboaja assumed office, NAUTH has maintained a fully functional fire-fighting unit. This preparedness saved Nnewi from losing its prized economic heartbeat,” he said.

The cause of the fire is yet to be determined as of the time of filing this report. Efforts to reach the chairman of the market for comments were unsuccessful.

Traders and residents have expressed relief that the fire did not spread further.

“It would have been a terrible and devastating news if the fire engulfed all sections of Nkwo Nnewi Market. Goods and shops worth trillions of naira would have been destroyed,” Okafor added.

 

 

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ASUU Rejects Proposal To Phase Out TETFund, Warns of Education Crisis

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Students appeal to ASUU to suspend 7 months-old strike

The Academic Staff Union of Universities (ASUU), Akure Zone, has strongly criticized the proposed phase-out of the Tertiary Education Trust Fund (TETFund) as outlined in the 2024 Nigeria Tax Bill.

The union warned that the move, currently under review by the National Assembly, poses a severe threat to tertiary education in Nigeria.

During a press conference held at the University of Medical Sciences, Ondo town, Ondo State, on Tuesday, the ASUU Akure Zone Chairman, Prof. Adeola Egbedokun, described the proposal as a deliberate attempt to undermine the development of the nation’s public tertiary institutions.

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Egbedokun highlighted key provisions in the proposed bill, including a reduction of education tax allocation to TETFund to 50% in 2025 and 2026, with a complete withdrawal of funding from 2030.

He expressed concerns about the replacement of TETFund with the National Education Loan Fund (NELFUND) and the possible diversion of education tax to other areas.

“ASUU is particularly alarmed by section 59(3) of the Nigeria Tax Bill 2024, which proposes that only 50 per cent of the Education Tax (Development Levy) will be allocated to TETFund in 2025 and 2026, and that from 2030 onward, TETFund is set to receive no allocation,” Egbedokun said.

He warned that the proposed funding shift towards student loans could pressure public tertiary institutions into introducing high tuition fees, thereby transforming them into revenue-generating entities.

“The phasing out of TETFund would pose a significant threat to tertiary education in Nigeria as its contribution to physical infrastructure and capacity building of staff could come to a halt.

“This could also lead to students becoming chronic debtors, mirroring the financial challenges faced by the nation itself,” he added.

Egbedokun emphasized the pivotal role TETFund has played in the development of Nigeria’s tertiary education system over the past decade and cautioned against policies that could erode these gains.

“ASUU believes that these changes will severely undermine TETFund, which has been instrumental in repositioning Nigerian tertiary education for global competitiveness and transformative development,” he noted.

The union called on the National Assembly to reject any provision of the Nigeria Tax Bill that undermines TETFund and urged stakeholders to defend the agency’s existence.

“ASUU urges the National Assembly to reject any provision of the Nigeria Tax Bill that could undermine the existence and effectiveness of TETFund.

“The survival of TETFund is not merely an educational concern, it is a matter of national importance. Any attempt, whether intentional or otherwise, to repeal the TETFund Act 2011 would constitute a profound disservice not only to the education sector but to the nation as a whole,” Egbedokun concluded.

ASUU also appealed to the general public and education stakeholders to unite in opposing the proposed changes, warning that the future of tertiary education in Nigeria depends on sustainable and robust funding mechanisms.

 

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