NNPC, Customs, FIRS Exceed Revenue Targets, Generating N37 Trillion in 2024

NNPC, Customs, FIRS Exceed Revenue Targets, Generating N37 Trillion in 2024

By Fly Cable News

Nigeria’s top revenue-generating agencies—the Nigeria Customs Service (NCS), Nigerian National Petroleum Company (NNPC), and Federal Inland Revenue Service (FIRS)—have surpassed their revenue targets for 2024, collectively generating N36.95 trillion. This figure exceeds their combined targets for the year.

At an interactive session with the National Assembly’s joint committees on Finance, Budget, and National Planning, the agencies presented their performance.

The NCS collected N5.352 trillion by September, surpassing its N5.09 trillion target. The NNPC exceeded its target by generating N13.1 trillion, while the FIRS raised N18.5 trillion, well above its N19.4 trillion target for the fiscal year.

Despite these surpluses, the Federal Government maintains its stance on borrowing to fund the budget, with officials clarifying that loans are approved by the National Assembly as part of the appropriations act.

Meanwhile, the Nigeria Immigration Service faced scrutiny over an unfavorable public-private partnership deal, which was criticized for being detrimental to the country.