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2025 Budget: NASS Joint Committee Directs NCS To Block Revenue Leakages To Achive N10.5trn Target

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By Gloria Ikibah
The National Assembly Joint Committee on Finance has directed Nigeria Customs Service (NCS) to block leakages and put stringent measures in place in other to achieve the N10.5 trillion revenue target for the year 2025.
The Joint Committee also issued a 48-hour ultimatum to Chief Executive Officers of key revenue generating agencies including Chairman of Federal Inland Revenue Service (FIRS), Zacch Adedeji, Managing Directors of Nigerian Ports Authority (NPA), Adedayo Adeyeye and Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola.
The lawmakers who zealously opposed the N6.5 trillion revenue projection presented for the year, called on the need for the Service to ensure effective monitoring of its personnel, address issues bothering on under-declaration, among other sharp practices at the nation’s ports.
In his address, the Chairman, Senate Committee on Finance, Senator Sani Musa explained that the N10.5 trillion new revenue target was achievable after due consideration of available information obtained from the Budget Office of the Federation.and other parameters.
He however noted that the Parliament will not hesitate to raise the revenue target to N12 trillion if the issue of non-remittance of 80 percent Operating Surplus as provided by the Fiscal Responsibility Act, 2007 is not addressed with Fiscal Responsibility Commission.
In his presentation, FRC Chairman, Victor Murako alleged that NCS which started to comply with provisions of the Act in 2015 to 2019, has failed to remit the Operating Surplus to the Consolidated Revenue Fund till date.
According to him, the Service is indebted to the tune of N8.6 billion as at 2019, adding that the agreement reached after the intervention of the Public Accounts Committee last year was not honored by Nigeria Customs Service.
While responding to the presentation, NCS Comptroller General, Mr. Adeniyi Adewale promised to work with the Legal Department to address the issue of operating surplus between one or two weeks.
On the question bothering on the revenues accruing to Nigerian Customs Service as raised by Chairman, House Committee on Finance, Rep. James Faleke, the NCS Comptroller General disclosed that the Service collects 2 percent Value Added Tax, 7 percent collection while 4 percent FOB was yet to be implemented but being worked out by the Ministry of Finance and office of Accountant General of the Federation.
He however observed that the CISS comes occasionally over the past two years.
The lawmakers who spoke during the interactive session with heads of key revenue generating agencies including Nigerian Customs Service (NCS), Nigeria Deposit Insurance Commission (NDIC), however decried the failure of heads of some government revenue generating agencies to honour invitation and appear for 2025 budget defence.
They highlighted that the affected agencies including: Nigerian Postal Service (NPS) and the Nigerian Railway Corporation (NRC), Nigerian Civil Aviation Authority (NCAA), Standard Organisation of Nigeria (SON), Tertiary Education Trust Fund, Oil and Gas Free Zones Authority and National Agency for Food and Drug Administration and Control (NAFDAC), risk withdrawal of funding for 2025 fiscal year.
Others are: Nigerian Copyright Commission, National Insurance Commission, National Pensions Commission, National Space and Research Development Agency and Nigerian Metrological Agency.
Also included are: Nigerian Agricultural Insurance Corporations, Airspace Management Authority, Nigerian Content Development and Monitoring Board, Nigerian Liquified Natural Gas Limited (NLNG), Transmission Company of Nigeria (TCN), Bank of Industry (BoI), Nigerian College of Aviation Technology (NCAT), Zaira.
In his remarks, Chairman, Senate Committee of Finance, Senator Musa observed that President Bola Tinubu while presenting the 2025 budget to the joint session of the National Assembly, mandated all the Ministers and heads of agencies to appear to defend their respective budgets before assembly with every sense of responsibility.
The Senator said that members of the National Assembly had to cut short their Christmas holidays to attend to the national assignment.
“But to our dismay a lot of agencies have refused to honor our invitations to appear before us, for us to scrutinise their performances in 2024 and look at their 2025 projection, if it is justifiable.
“The all these agencies have refused to honour the joint committee’s invitation. So by virtue of the constitutional powers that have been given to the joint Committees on Finance of both the Senate and the House of Representatives, we are given the chief executives of these agencies 48 hours within which to appear before this joint committee.
“Failure to do that the committee will not hesitate to recommend to the Appropriation Committee to withhold any appropriation to these agencies.
“If these agencies are self funded, we will also request both the Minister of Finance and the Accountant General of the Federation to withhold their funding,” he said.
Also speaking, the Chairman, House Committee on Finance, Hon. James Faleke (APC-Lagos state) said that the essence of the budget defence exercise was to boost revenue generation and cut down on borrowing.
“If these agencies refuse to appear before us, I the needful will be done by the National Assembly,” he said.

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SAD! APC lawmaker dies while asleep

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The lawmaker representing Kaura Namoda South Constituency in the Zamfara State House of Assembly, Aminu Ibrahim Kasuwar-Daji, has died.

It was gathered that the lawmaker passed on in his sleep during the early hours of Wednesday.

Aminu Ibrahim Kasuwar-Daji’s sudden death came as a shock to many in the state, especially his colleagues and political associates.

The All Progressives Congress (APC) in Zamfara, the party under which he was elected, expressed deep sorrow over his passage.

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Members of the party, including the State Working Committee and other supporters, described his death as a great loss.

They said he was known for his dedication and honesty in serving his people.

His family, community members in Kaura Namoda South, and fellow lawmakers have been thrown into mourning as preparations for his burial began.

According to Islamic rites, he was buried today at 3:00 pm in his hometown of Kasuwar-Daji, located in the Kaura Namoda Local Government Area.

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Many in the state have continued to express grief as they remember the role he played in representing the people and contributing to the work of the state assembly.

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Just in: Sam Olumekun takes over as INEC’s Acting Chairman

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Mr. Sam Olumekun has taken over at the Independent National Electoral Commission (INEC) as Acting Chairman.

Olumekun is INEC’s National Commissioner in charge of Information and Voter Education.

He performed his first duties today, receiving a high-level delegation of the Labour Party (LP) at the Commission’s headquarters in Abuja with other National Commissioners in attendance.

The delegation was led by Abia State Governor Dr. Alex Otti, who visited the Commission to discuss key developments within the Labour Party.

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It was gathered that both parties engaged in discussions centered on enhancing collaboration and reinforcing democratic values.

During the visit, Governor Otti formally presented a Certified True Copy of the recent Supreme Court judgment concerning the party’s leadership.

He noted that the meeting was aimed at fostering clarity, mutual understanding, and institutional alignment regarding the Labour Party’s current structure.

Mr. Olumekun, the Acting INEC Chairman, reaffirmed the Commission’s unwavering commitment to neutrality, transparency, and the rule of law in the discharge of its constitutional responsibilities.

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Recall that a viral WhatsApp message had indicated that Prof. Mahmood was sacked by President Bola Tinubu and replaced with one Prof. Bashiru Olamilekan.

“INEC Chairman Prof. Mahmud Yakubu has been replaced with Prof. Bashiru Olamilekan by President Tinubu,” the message, which had no attribution, read. However, both INEC and the Presidency debunked the widespread report.

Yakubu, who is rounding off his second tenure in office, is expected to exit the system towards the end of this year.

The process of appointing an INEC chairman is the President nominating a candidate and forwarding his particulars to the Department of State Services (DSS) for profiling.

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After such screening, the President, thereafter, takes the name to the National Council of State for its advisory review.

Based on the outcome, the President sends the name to the Senate for screening and confirmation.

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Crude oil prices slide further, now selling below $57

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Crude oil prices have dropped below $57, following a previous rate of $59.78.

This decline coincides with the imposition of tariffs on several countries by US President Donald Trump.

A report from West Texas Intermediate attributes this price slump to consistent 6% reductions observed last week.

JPMorgan Chase & Co has warned that these tariffs could likely push both the US and global economies into a recession this year.

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The financial institution explained that the tariffs, set to take effect this week, are expected to have widespread economic repercussions.

Market analysts and the business community have expressed concerns about the negative implications of these measures, predicting a slowdown in economic activities and a subsequent decline in oil demand.

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