NEWS
NCS Targets N6.58trn Revenue For 2025
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.
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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.
NEWS
Political Earthquake Brewing? Peter Obi, Bala Mohammed in Closed-Door Talks
Former Labour Party presidential candidate in the 2023 general election, Peter Obi, on Thursday visited Bauchi State for a closed-door meeting with Governor Bala Mohammed amid growing political realignments in the country.
Obi, who is also a chieftain of the African Democratic Congress (ADC) opposition coalition, arrived at the Bauchi State Government House where he proceeded to a private meeting with the governor at the Presidential Lounge.
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The purpose of the visit was not immediately known as both politicians held discussions behind closed doors.
Details of the meeting remained undisclosed at the time of filing this report.
However, sources within the Government House suggested that the meeting may be connected to recent political developments and possible alignments ahead of future elections, though this could not be independently verified.
Both leaders are expected to brief journalists after the meeting concludes.
Governor Bala Mohammed, who serves as Chairman of the Peoples Democratic Party (PDP) Governors’ Forum, has recently been at the center of political speculation regarding his party allegiance.
On March 31, he reportedly hinted at a possible political shift during a meeting with a delegation of the African Democratic Congress led by former Secretary to the Government of the Federation, Babachir Lawal, at the Government House in Bauchi.
However, his political engagements appeared to take a different turn shortly after, as he also hosted the National Chairman of the All Progressives Congress (APC), Nentawe Yilwatda, alongside Kano State Governor, Abba Yusuf, on April 1 at the same venue.
The latest meeting with Obi has further intensified speculation about ongoing political consultations and possible future alignments among key political actors.
NEWS
JUST IN: Nigeria’s Debt Profile Set to Rise as Tinubu Requests Fresh $516m Foreign Loan
President Bola Tinubu has requested the approval of the Senate for a fresh external borrowing of $516.33 million, in a move that is expected to further raise concerns over Nigeria’s growing debt profile.
The request was contained in a letter addressed to the President of the Senate, Godswill Akpabio, and was read during plenary on Thursday at the National Assembly.
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According to the letter, the proposed loan is to be sourced from Deutsche Bank and will be used to finance a key infrastructure component under the government’s already approved borrowing programme—the Sokoto–Badagry Super Highway project, a major road corridor designed to enhance connectivity across the country.
President Tinubu, in the request, urged the Senate to give the proposal expedited consideration and approval, stressing the importance of the project to national infrastructure development and economic growth.
Following the reading of the letter, Senate President Akpabio referred the request to the Senate Committee on Local and Foreign Debts, directing the committee to examine the proposal and submit its report within one week.
The latest borrowing request comes amid ongoing national debates over Nigeria’s debt sustainability, as the federal government continues to rely on external loans to fund large-scale infrastructure projects.
NEWS
Shock as Court Rejects El-Rufai’s Bail Application, Orders Continued Detention
A Kaduna State High Court has rejected the bail application filed by former Kaduna State Governor, Nasir El-Rufai, ordering that he remain in the custody of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) pending the determination of his trial.
The ruling was delivered by Justice D.H. Khobo, who held that the seriousness of the allegations against the former governor, as well as concerns over possible interference with ongoing investigations, made the grant of bail inappropriate at this stage.
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El-Rufai had approached the court seeking release on bail pending trial over a nine-count charge filed by the Federal Government through the Independent Corrupt Practices and Other Related Offences Commission.
He argued that the offences were not capital in nature and that he posed no flight risk, citing his community ties, fixed residences, and willingness to cooperate with investigators.
He also told the court that he voluntarily returned to Nigeria to honour official invitations and challenged the validity of the charges, describing them as defective.
Additionally, he raised health concerns, requesting bail on medical grounds.
However, the prosecution opposed the application, insisting that the alleged offences were serious and economically damaging, with a likelihood that the defendant could interfere with witnesses and ongoing investigations.
In his ruling, Justice Khobo held that the gravity of the charges and the risk of interference outweighed the arguments for bail.
The court also ruled that insufficient medical evidence had been provided to justify release on health grounds.
The judge therefore ordered that El-Rufai remain in ICPC custody and directed that the trial proceed on an accelerated basis, fixing early hearing dates for the case.
The former governor will remain detained as proceedings continue in the high-profile corruption trial.





