Senate approves Customs’ N1.3tn budget, backs N11.07tn revenue target

The Nigerian Senate has approved a N1.3 trillion budget for the Nigeria Customs Service for the 2026 fiscal year, along with an ambitious N11.07 trillion revenue target. The approval aims to boost non-oil revenue as the government seeks to diversify away from oil dependence. The decision was announced following a plenary session in Abuja, with lawmakers emphasizing the need for improved customs efficiency and anti-smuggling efforts. The revenue target represents a significant increase from previous years, reflecting the government's push to enhance fiscal sustainability. No official statements from customs leadership were included in the report.

Global Impact

Economically, the approval reinforces Nigeria's strategy to reduce oil dependency, which could improve its credit profile over the medium term if revenue targets are met. Politically, it demonstrates legislative support for fiscal reform, but the ambitious target may strain customs operations and lead to bureaucratic bottlenecks.