FIRS, Customs, NNPCL, and other organizations surpass their 2024 revenue goal.

The Federal Inland Revenue Service (FIRS), Nigeria Customs Service, and Nigeria National Petroleum Company Limited (NNPCL) announced on Monday that they exceeded their respective revenue targets for the current fiscal year.

During a session with the Joint Committee on Finance, Budget, and National Planning on the 2025-2027 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF-FSP), key agency leaders provided updates on their performance.

Record-Breaking Revenue Achievements

FIRS Chairman Zacchaeus Adedeji reported significant progress, stating that all revenue components surpassed expectations. For instance, N5.7 trillion was generated from company income tax, far exceeding the N4 trillion target, while education tax collections reached N1.5 trillion against a N70 billion target. Overall, FIRS realized N18.5 trillion out of the N19.4 trillion target by the end of September, with the expectation of further surpassing the annual projection.

NNPCL’s Group Chief Executive Officer, Mele Kyari, shared that the company exceeded its 2024 revenue projection of N12.3 trillion by reaching N13.1 trillion before the third quarter’s end. For 2025, NNPCL aims to remit N23.7 trillion to the federation account.

Similarly, Nigeria Customs Service Comptroller-General Bashir Adeniyi disclosed that as of September 30, the agency had generated N5.352 trillion, surpassing the N5.09 trillion 2024 target. Customs also set ambitious goals of N6.3 trillion for 2025 and annual 10% increases for subsequent years.

Lawmakers Question Excessive Borrowing

Despite these successes, lawmakers voiced concerns about the government’s reliance on borrowing to fund capital projects. Senator Adamu Aliero (Kebbi Central) questioned why borrowing persists despite strong revenue performances.

In response, FIRS Chairman Adedeji clarified that borrowing is part of the National Assembly-approved appropriation act, ensuring that the executive operates within the legislature’s framework. Similarly, Budget and Economic Planning Minister Senator Atiku Bagudu emphasized that borrowing is necessary to address budget deficits, including the N9.7 trillion gap in the 2024 budget.

Finance Minister Wale Edun reiterated that despite increased revenue, borrowing remains crucial for comprehensive budget funding, especially for developmental projects targeting the most vulnerable populations.

Immigration Service Under Scrutiny

The Nigeria Immigration Service faced backlash over a controversial private-public partnership (PPP) for passport production. The agreement, which allocates 70% of proceeds to a consultancy firm and only 30% to the government, was deemed “unacceptable” by committee chair Senator Sani Musa. He demanded a review or cancellation of the arrangement, instructing the agency to present all relevant documents by the end of the week.

Looking Ahead

For 2025, the government projects total revenue generation of N49.7 trillion, signaling continued efforts to optimize resources while addressing structural budgetary challenges.

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