The Senate Committee on Customs has directed the Nigeria Customs Service to increase its 2025 revenue target from N6tn to N10tn amid growing concerns over revenue leakages, smuggling, and insecurity across the country.

Chairman of the committee, Senator Isah Jibrin, gave the directive on Monday during the NCS budget defence session before the committee. Appearing before the lawmakers was Deputy Comptroller General of Customs, Jibo Bello.

Central to the session was the issue of the government’s tariff policy, with the committee expressing displeasure over the Service’s failure to enforce the 4 per cent freight on board (FOB) levy, which forms part of the statutory charges on imported goods.

Bello, however, disclosed that the Ministry of Finance had authorised the suspension of the 4 per cent FOB collection. This revelation drew sharp reactions from the lawmakers, who described the move as a breach of the law.

Consequently, the committee summoned the Minister of Finance, Wale Edun, to appear before it on Thursday to explain the rationale behind the suspension. The Senate insists that halting the levy without legislative backing undermines existing fiscal frameworks and affects revenue projections.

“We must enhance enforcement, block leakages, and ensure optimal revenue generation, especially in the face of economic constraints and rising security threats at our borders,” Jibrin said.

The committee vowed to scrutinise all stakeholders involved in the decision and reiterated its commitment to transparency, national security, and economic recovery.

The post Senate Raises Customs’ Revenue Target to N10tn, Summons Finance Minister Over Suspended FOB Charges first appeared on MegaIcon Magazine.

The post Senate Raises Customs’ Revenue Target to N10tn, Summons Finance Minister Over Suspended FOB Charges appeared first on MegaIcon Magazine.