The Senate on Wednesday approved the 2026 budget proposal of the Nigerian Customs Service, endorsing a revenue target of N11.074tn and an expenditure estimate of N1.295tn for the 2026 fiscal year.
The approval followed the consideration and adoption of the report of the Senate Committee on Customs, Excise and Tariffs during plenary.
Presenting the report, the committee chairman, Senator Isah Jibrin, said the panel examined the agency’s 2025 budget performance before considering its 2026 estimates. According to him, the Customs Service exceeded its 2025 revenue target of N6.5tn by generating about N7.2tn, representing a performance of 110.53 per cent.
He, however, noted that the agency’s revenue could have been higher but for factors including the suspension of excise duty on telecommunications services, fiscal policies promoting local production of healthcare products, and disruptions to global trade arising from the Russia-Ukraine war, which affected imports, particularly wheat.
On expenditure, the committee disclosed that although the Customs Service had an approved budget of about N1.132tn in 2025, actual spending stood at N591bn.
