Economy
Customs Revenue Collection Jumps 21.4% to N3.2trn in 2023
By Adedapo Adesanya
The Nigeria Customs Service (NC), has recorded N3.2 trillion in revenue collected in 2023, a 21.4 per cent increase over the preceding year’s revenue of N2.6 trillion despite facing significant operational hurdles.
The Customs Comptroller-General, Mr Adewale Adeniyi, made this announcement this week in Abuja at a news conference on the NCS activities in 2023.
Mr Adeniyi said that the 2023 performance was remarkable given the fact that the NCS recorded a revenue shortfall of N532 billion in the first half of 2023.
He said the year was marked by operational challenges including lower transaction volumes, compliance issues, inadequate infrastructure, and capacity gaps compounded by delays in policy implementation and socio-political factors.
He added that the anxiety associated with a major election year, and the prolonged cash crunch linked with the Naira redesign programme of the Central Bank of Nigeria, CBN, which temporarily impacted purchasing power and economic activities, further hampered revenue performance last year.
Also, the transition of power to the President Bola Tinubu-led administration brought about a new policy direction, including the removal of fuel subsidies, the floating of the exchange rate, and the closure of the country’s Northern borders with Niger Republic, further added to the complexity of the operating environment for the service.
Mr Adeniyi said these challenges led to a revenue shortfall of N532 billion compared to the N1.84 trillion target in the first half of 2023 but following his appointment as CGC in July last year, as well as merit-based reconstitution of the customs management team, there was a significant shift that enabled the service to exceed monthly revenue targets by 6.71 per cent for the first time in 2023.
He specifically attributed the positive change to strategic measures, including the immediate establishment of a Revenue Review Recovery Team and the dissolution of existing Strike Force Teams, streamlining enforcement under the Federal Operations Unit (FOU), and extensive stakeholder engagement.
Mr Adeniyi also expressed NCS commitment to end petroleum products smuggling in 2024 adding that the service would block all attempts to smuggle weapons and other contraband into the country.
“Our zero approach towards smuggling, especially petroleum products, rice, arms, and ammunition, out of the country would be rigorously enforced. We remain resolute on addressing border management challenges, balancing security concerns with trade facilitation,” he said.
Mr Adeniyi added that the NCS had conducted a vigorous campaign against smuggling and illicit trade in 2023, which resulted in 3,806 seizures of illicit items, including artefacts, antiquities, drugs, food products, and endangered species of flora and fauna, among others.
“Remarkably, we also achieved during this period a total of 52 convictions, 11 of them specifically linked to illicit trade in animal wildlife. This is also a record performance through diligent prosecution of our cases and the successful conviction of some of those criminals who were apprehended.
“Noteworthy is the international acknowledgement garnered for the Service’s efforts in combating this illicit trade in animal/wildlife. This steadfast commitment underscores the NCS’s dedication to protecting Nigerian society, maintaining a resolute stance against smugglers, and diligently dismantling their operations,” he said.
Going forward, he highlighted that numerous strategic initiatives are poised to positively impact the Service’s performance in the coming months.
These initiatives he enumerated include the introduction of the Advanced Ruling system, aligning NCS operations with global best practices, and meeting the recommendations of the World Trade Organisation (WTO) Trade Facilitation Agreement (TFA).
He said the NCS is set to inaugurate an electronic auction, e-auction, platform strategically designed to enhance transparency in the auction process.
The CGC said the service remained committed to facilitating the achievement of the newly set revenue target of N5.079 trillion which is aligned with the government’s economic objectives for 2024.
“This target signifies the government’s confidence in the NCS’s capabilities and underscores the service’s important role in contributing to the nation’s fiscal wellbeing.
“The strategic initiatives detailed above, alongside other operational reforms, are anticipated to play a crucial role in achieving this revenue goal.
“As the NCS addresses the challenges and opportunities in 2024, the service is steadfast in its commitment to implementing these strategies and exploring practical approaches to meet the heightened revenue target. This commitment aligns with the NCS’s ongoing dedication to efficiency, excellence, and positive contributions to Nigeria’s economic landscape.”
Mr Adeniyi emphasised that the NCS will maintain a zero-tolerance stance towards indiscipline and non-compliance in the year 2024, and urged all officers and stakeholders to adhere strictly to established procedures and regulations as maximum cooperation is expected from every stakeholder in the customs operations.
By Aduragbemi Omiyale
The trading licence of Monument Securities and Finance Limited has been revoked by the regulatory arm of the Nigerian Exchange (NGX) Group Plc.
Known as NGX Regulations Limited (NGX Regco), the regulator said it took back the operating licence of the organisation after it shut down its operations.
The revocation of the licence was approved by Regulation and New Business Committee (RNBC) at its meeting held on September 24, 2025, a notice from the signed by the Head of Market Regulations at the agency, Chinedu Akamaka, said.
“This is to formally notify all trading license holders that the board of NGX Regulation Limited (NGX RegCo) has approved the decision of the Regulation and New Business Committee (RNBC)” in respect of Monument Securities and Finance Limited, a part of the disclosure stated.
Monument Securities and Finance Limited was earlier licensed to assist clients with the trading of stocks in the Nigerian capital market.
However, with the latest development, the firm is no longer authorised to perform this function.
Economy
NEITI Advocates Fiscal Discipline, Transparency as FG, States, LGs Get N6trn in Three Months
By Adedapo Adesanya
The Nigeria Extractive Industries Transparency Initiative (NEITI) has called for fiscal discipline and transparency as data showed that federal government, states, and local governments shared a whopping N6 trillion Federation Account Allocation Committee (FAAC) disbursements in the third quarter of last year.
In its analysis of the FAAC Q3 2025 allocation, the body revealed that the federal government received N2.19 trillion, states received N1.97 trillion, and local governments received N1.45 trillion.
According to a statement by the Director of Communication and Stakeholders Management at NEITI, Mrs Obiageli Onuorah, the allocation indicated a historic rise in federation account receipts and distributions, explaining that year-on-year quarterly FAAC allocations in 2025 grew by 55.6 per cent compared with Q3 of 2024 while it more than doubling allocations over two years.
The report contained in the agency’s Quarterly Review noted that the N6 trillion included 13 per cent payments to derivative states. It also showed that statutory revenues accounted for 62 per cent of shared receipts, while Value Added Tax (VAT) was 34 per cent, and Electronic Money Transfer Levy (EMTL) and augmentation from non-oil excess revenue each accounted for 2 per cent, respectively.
The distribution to the 36 states comprised revenues from statutory sources, VAT, EMTL, and ecological funds. States also received additional N100 billion as augmentation from the non-oil excess revenue account.
The Executive Secretary of NEITI, Mr Sarkin Adar, called on the Office of the Accountant General of the Federation, the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) FAAC, the National Economic Council (NEC), the National Assembly, and state governments to act on the recommendations to strengthen transparency, accountability, and long-term fiscal sustainability.
“Though the Quarter 3 2025 FAAC results are encouraging, NEITI reiterates that the data presents an opportunity to the government to institutionalise prudent fiscal practices that will protect the gains that have been recorded so far in growing revenue and reduce vulnerability to commodity shocks.
“The Q3 2025 FAAC results are encouraging, but windfalls must be managed with discipline. Greater transparency, realistic budgeting, and stronger stabilisation mechanisms will ensure these resources deliver durable benefits for all Nigerians,” Mr Adar said.
NEITI urged the government at all levels to ensure the growth of Nigeria’s sovereign wealth and stabilisation capacity, by committing to regular transfers to the Nigeria Sovereign Wealth Fund and other related stabilisation mechanisms in line with the fiscal responsibility frameworks.
It further advised governments at all levels to adopt realistic budget benchmarks by setting more conservative and achievable crude oil production and price assumptions in the budget to reduce implementation gaps, deficit, and debt metrics.
This, it said, is in addition to accelerating revenue diversification by prioritising reforms that would attract investments into the mining sector, expedite legislation to modernise the Mineral and Mining Act, support reforms in the downstream petroleum sector, as well as the full implementation of the Petroleum Industry Act (PIA) to expand domestic refining and value addition.
By Aduragbemi Omiyale
Nigeria has been projected to record an economic growth rate of 4.4 per cent in 2026 by the World Bank Group, higher than the 3.7 per cent earlier predicted in June 2025.
In its 2026 Global Economic Prospects report released on Tuesday, the global lender also said the growth for next year for Nigeria is 4.4 per cent rather than the 3.8 per cent earlier projected.
As for the sub-Saharan African region, the economy is forecast to move up to 4.3 per cent this year and 4.5 per cent next year.
It stressed that growth in developing economies should slow to 4 per cent from 4.2 per cent in 2025 before rising to 4.1 per cent in 2027 as trade tensions ease, commodity prices stabilise, financial conditions improve, and investment flows strengthen.
In the report, it also noted that growth is expected to jump in low-income countries by 5.6 per cent due to stronger domestic demand, recovering exports, and moderating inflation.
As for the world economy, the bank said it is now 2.6 per cent and not 2.4 per cent due to growing resilience despite persistent trade tensions and policy uncertainty.
“The resilience reflects better-than-expected growth — especially in the United States, which accounts for about two-thirds of the upward revision to the forecast in 2026,” a part of the report stated.
“But economic dynamism and resilience cannot diverge for long without fracturing public finance and credit markets,” it noted.
World Bank also said, “Over the coming years, the world economy is set to grow slower than it did in the troubled 1990s — while carrying record levels of public and private debt.
“To avert stagnation and joblessness, governments in emerging and advanced economies must aggressively liberalise private investment and trade, rein in public consumption, and invest in new technologies and education.”
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