Economy
Customs Rakes in N7.28trn Revenue in 2025, Beats Projection by 12%
By Adedapo Adesanya
The Nigeria Customs Service (NCS) said it beat its projected revenue collections for 2025 by 12 per cent as it stood at N7.28 trillion.
This was disclosed by the Comptroller General of the Service, Mr Adewale Adeniyi, who gave the scorecard at an event to mark the 2026 World Customs Day on Monday, explained that the reported revenue exceeded earlier projected N6.5 trillion.
Mr Adeniyi noted that last year showed very clearly what “protecting society” looks like in the real world, noting that officers of the Command uncovered 16 containers of contraband goods in the period under review.
“Across our Commands, officers working with sister agencies disrupted multiple criminal supply chains before they ever reached our communities.
“At Apapa, we uncovered 16 containers of prohibited goods worth over N10 billion — a single operation that combined narcotics, expired pharmaceuticals, and concealed firearms.
“At the airports, officers intercepted over 1,600 exotic birds being trafficked without CITES permits, stopping a wildlife crime operation that would have harmed both biodiversity and Nigeria’s international obligations”, the statement said, adding that across land borders, its teams seized illicit narcotics and counterfeit medicines worth hundreds of millions of Naira, along with ammunition and other prohibited items moving through covert routes.
“These operations do not make headlines for long, but their impact is enduring as fewer young people exposed to harmful drugs; fewer weapons reaching criminal networks; fewer counterfeit medicines reaching patients; fewer endangered species removed from the ecosystem”.
The Service also said it recorded over 2,500 seizures, with an aggregate value of more than N59 billion in prohibited and harmful goods removed from circulation nationwide.
These seizures, it noted, cut across narcotics, counterfeit pharmaceuticals, wildlife products, arms and ammunition, petroleum products, vehicles, and substandard consumer goods.
“This most certainly prevented real harm — addiction, unsafe treatment, violent crime, subsidy, exploitation, environmental degradation, and treaty violations and funerals before they occur”, he stated.
The NCS also said vigilance coexists with facilitation.
“A modern Customs administration must be able to detect high-risk consignments without suffocating lawful trade”, it said, adding that the launch of the Time Release Study is significant.
“The TRS marks a major step toward making Nigeria’s trade gateways secure, efficient, predictable, and globally competitive.
“It signals our commitment to move from opinion-driven reforms to evidence-based reforms, and from complaints-driven policy to data-driven policy”.
The Study conducted at Tincan Island Port provides the most comprehensive measurement of clearance performance in our recent history. It reveals encouraging realities and uncomfortable truths.
It shows, on the one hand, that examination times themselves are relatively efficient, and that Nigeria has the capacity to clear goods quickly.
“It shows, on the other hand, that excessive idle periods—often due to fragmented scheduling, manual documentation, and poor coordination—extend clearance times unnecessarily and erode competitiveness. In other words, our challenge is not that we cannot move goods fast; it is that goods are not allowed to move fast.”
“We now have validated clearance timelines covering more than 600 declarations, combining manual timestamps and platform data.
“We now know with precision how long it takes from booking for examination to physical gate exit, and where bottlenecks concentrate. Armed with such evidence, we are now able to say: the fastest way to protect Nigerian traders and our economy is both through border security and procedural reform”, the service added.
By Aduragbemi Omiyale
The federal government has said there is no iota of truth in reports making the rounds that a significant portion of federation earnings is being “diverted”.
The claims came from a recent World Bank report, which the government said the media misinterpreted as “hidden spending.”
In a statement signed on Sunday by the Minister of State for Finance, Mr Taiwo Oyedele, the federal government emphasised that the characterisation of the Federation Account Allocation Committee (FAAC) deductions as “waste” or missing funds was “incorrect,” noting that the World Bank report presented the deductions as statutory transfers, savings and investments, security-related expenditures, cost-of-collection charges, refunds to Ministries, Departments and Agencies (MDAs), and transfers and interventions benefiting subnational governments.
“It is important to emphasise that refunds and transfers to states and other tiers of government are not leakages. They represent legitimate fiscal flows, including repayments of obligations and statutorily backed allocations,” the statement said.
It was further stressed that, “The World Bank explicitly notes that reforms implemented in early 2026, including the recently signed Executive Order to safeguard remittance of petroleum revenues, are already addressing concerns around deductions, and are expected to improve transparency while increasing revenues available to all tiers of government by about 0.4 per cent of GDP annually.”
“Misinterpreting one aspect of the analysis without acknowledging the progressive reforms and measures already introduced to enhance distributable federation revenues gives a distorted picture,” it submitted.
The Nigerian authorities averred that the broader message of the World Bank report is positive and forward-looking, as economic growth is becoming more broad-based across sectors, inflation is declining due to deliberate policy actions, Nigeria’s external position has strengthened, and debt indicators have improved.
The government declared that the World Bank did not say in the report that “Nigeria’s fiscal system is collapsing or that reforms have failed. Rather, it states that reforms are working, and they must be sustained and deepened to translate macroeconomic gains into inclusive growth.”
The statement appealed to “stakeholders, media organisations, and the public to engage constructively with fiscal information and avoid twisted interpretations that may undermine reform efforts and fuel public discord.”
By Dipo Olowookere
On the floor of the Nigerian Exchange (NGX) Limited last week, 3.588 billion shares valued at N195.313 billion exchanged hands in 254,553 deals, higher than the 3.361 billion shares worth N151.948 billion traded in 229,442 deals a week earlier.
Over a quarter of these transactions were centred around the trio of Sterling Holdco, Access Holdings, and Zenith Bank, which specifically accounted for 1.038 billion stocks worth N46.081 billion in 33,067 deals, contributing 28.92 per cent and 23.59 per cent to the total equity turnover volume and value, respectively.
They helped the financial equities to lead the activity chart with 2.498 billion units sold for N94.005 billion in 111,052 deals, contributing 69.62 per cent and 48.13 per cent to the total trading volume and value, respectively.
Services stocks traded 329.034 million units valued at N3.452 billion in 14,050 deals, and energy shares transacted 152.472million units worth N42.511 billion in 19,022 deals.
In the week, 61 equities appreciated versus 25 equities in the previous week, as 36 stocks depreciated compared with 54 stocks of the preceding week, while 49 shares remained unchanged, in contrast to 67 shares of the previous trading week.
Trans-Nationwide Express gained 60.48 per cent to sell for N6.05, Ecobank appreciated by 46.30 per cent to N67.30, Stanbic IBTC rose by 36.63 per cent to N188.55, Royal Exchange improved by 29.37 per cent to N1,85, and Aradel grew by 28.93 per cent to N1,649.00.
On the flip side, Coronation Insurance lost 14.38 per cent to close at N2.50, Ikeja Hotel declined by 14.36 per cent to N33.40, International Energy Insurance shrank by 13.80 per cent to N3.06, Academy Press slumped by 12.57 per cent to N7.65, and Honeywell Flour crumbled by 11.01 per cent to N19.00.
Business Post reports that the All-Share Index (ASI) went up by 6.57 per cent to 217,167.57 points, and the market capitalisation advanced by 6.60 per cent to N139.827 trillion, as the demand for Nigerian stocks soared.
Also, all other indices finished higher apart from the insurance and growth indices, which fell by 0.04 per cent and 0.99 per cent, respectively.
By Adedapo Adesanya
The Naira sold at N1,343.64/$1 Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, April 17, after shedding N1.34 or 0.10 per cent against the greenback from the previous day’s rate of N1,342.30/$1.
In the same vein, the Nigerian currency depreciated against the Pound Sterling in the same market window during the session by N5.03 to quote at N1,824.39/£1 versus the previous rate of N1,819.36/£1, and lost N10.05 against the Euro to sell at N1,591.14/€1 versus N1,581.09/€1.
At the GTBank FX desk, the exchange rate of the Naira to the Dollar remained unchanged at N1,355/$1, and it also maintained stability in the parallel market at N1,375/$1.
Interbank liquidity increased to N124.34 million from N74.255 million the previous day, data from the Central Bank of Nigeria (CBN) showed.
Meanwhile, external reserves remain at $48.70 billion, down from the 2009 peak of $50 billion amidst uncertainties in the global commodities market.
Global oil prices dropped sharply on Friday after Iran signalled that the Strait of Hormuz would remain open to commercial shipping during a temporary ceasefire in the Middle East.
Crypt assets also gained on the news from Iran’s foreign minister, who declared the Strait of Hormuz open, drawing a positive response from President Donald Trump. The development helped ease worry around risky assets like crypto.
Meanwhile, the cryptocurrency market was bullish, as traders weighed possible scenarios ahead of next week’s US-Iran cease-fire deadline.
Ethereum (ETH) appreciated by 3.2 per cent to $2,410.53, Bitcoin (BTC) jumped by 2.8 per cent to $77,124.22, Ripple (XRP) rose by 2.7 per cent to $1.47, Binance Coin (BNB) expanded by 2.5 per cent to $643.97, Dogecoin (DOGE) added 1.0 per cent to close at $0.0988, Cardano (ADA) improved by 0.9 per cent to $0.2578, Solana (SOL) soared by 0.4 per cent to $88.53, and TRON (TRX) gained 0.4 per cent to sell at $0.3275, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
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