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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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Speaker Abbas Hails Governor Bago @51

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By Gloria Ikibah
The Speaker House of Representatives Rep. Tajudeen Abbas, has congratulated the Governor of Niger State, Hon. Umar Mohammed Bago, on his 51st birthday, saying the governor is a blessing to his people.
In a statement by Speaker Abbas, he commended Governor Bago who is also called the ‘Farmer Governor’ for revolutionising agriculture in Niger State, noted that the impact of the reforms is being felt across Nigeria.
The Speaker specifically hailed Governor Bago for prioritising food production at a time the country is making efforts to diversify the economy from oil.
Speaker Abbas said Governor Bago excelled as a member of the House of Representatives and is presently one of the best performing governors in the country.
He wished Governor Bago many more years on earth, in service to this fatherland, and prayed to Allah to grant him good health and wisdom to continue to manage the affairs of Niger State.
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Betara Celebrates Governor Bago @51

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…commend his leadership qualities, contribution to national development

By Gloria Ikibah

The Chairman House of Representatives’ Committee onthe Federal Capital Territory (FCT), Rep. Muktar Betara has congratulated Governor of Niger State, Mohammed Bago on his 51st birthday.

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Rep. Betara who represents Biu/Bayo/Shani/Kwaya Kusar Federal Constituency of Borno State, in a congratulatory message admitted Governor Bago’s relentless advocacy for Nigerites as well as the meaningful contributions to legislative processes that shaped national development while serving as Member of the House of Representatives.

Thrilled by the leadership qualities of Governor Bago, he applauded various unprecedented developmental projects initiated since his assumption of office in 2023.

He said: “Your Excellency, on this special occasion of your 51st birthday, I extend my heartfelt congratulations and best wishes to you.

“This milestone is a testament to a life dedicated to public service, leadership, and unwavering commitment to the progress of Niger State and Nigeria at large.

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“As the Governor of Niger State, your visionary leadership has continued to inspire hope and transformation across various sectors.

“Your dedication to infrastructural development, education, healthcare, and especially, agriculture, and security has significantly improved the lives of the people, reinforcing your reputation as a leader who prioritises the welfare of his people.

“Your efforts in fostering economic growth and good governance have set a solid foundation for sustainable development in the state.

“Before assuming office as Governor, your impactful tenure as a Member of the House of Representatives was marked by your relentless advocacy for your constituents and meaningful contributions to legislative processes that shaped national development.

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“As you celebrate this new chapter of your life, may you continue to be blessed with wisdom, strength, and good health to steer Niger State toward greater heights. Happy birthday !”

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Nigeria Seeks Stronger Economic Ties with China

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…as currency swap boosting bilateral trade

By Gloria Ikibah

The Nigerian government is deepening economic collaboration with China to drive industrialisation and economic diversification.

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Minister of State for Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu, made this known when she received the Chinese Ambassador to Nigeria, Yu Dunhai, in Abuja.

The Minister emphasised that Nigeria’s longstanding ties with China, spanning over five decades, align with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritises economic expansion and resilience.

Outlining key areas where Nigeria seeks Chinese support, including electric vehicle production, digital technology, renewable energy, and agriculture, Amb. Odumegwu-Ojukwu acknowledged China’s significant role in Nigeria’s road and rail infrastructure development and noted that the country is taking concrete steps to modernize its ports and power sector to attract more investment.

She also highlighted the importance of cultural ties, and noted the growing interest among Nigerian youths in learning the Chinese language.

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The minister reaffirmed Nigeria’s commitment to strengthening its economic partnership with China, highlighting that the ongoing currency swap agreement is already enhancing trade relations between both nations.

“It’s quite interesting that a large population of Nigeria youth is inching towards Chinese Language. A lot of Nigerian Universities are desirous to offer Chinese Language. Chinese had become the language of trade in the world.

“Nigeria-China will continue to relate not just bilaterally but multilaterally.

“We expect that we will continue to get the support of China but we will always reciprocate that multilaterally.

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“In line with President Tinubu’s plan to industrialise Nigeria, we expect Chinese cooperation in establishing assembly plants of electric vehicles; digital communication, renewable energy, all aspects of digital technology, agriculture because of food insecurity as the government is interested in seeing that food gets to the poorest of the poor. Government is not just talking about food but has established a separate Ministry of Livestock,” the minister stated.

She urged China to extend trade tariff exemptions to its exports, similar to the concessions already granted to 33 other African nations, emphasising that the Renewed Hope Agenda prioritizes stronger ties between citizens and deeper country-to-country partnerships.

In response, Chinese Ambassador Yu Dunhai reaffirmed China’s commitment to strengthening its relationship with Nigeria, describing the country as a key strategic partner. He noted that President Bola Ahmed Tinubu’s visit to China and participation in the Forum on China-Africa Cooperation (FOCAC) had elevated diplomatic and economic engagements between both nations.

Amb. Yu highlighted ongoing collaborations in infrastructure, including roads, railway modernization, power, industrial parks, and the Lekki Deep Sea Port. He disclosed that trade volume between the two nations exceeded $21 billion last year, with Nigeria’s exports to China accounting for over 25% of this figure.

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He further underscored the role of manufacturing in industrialization, pointing to the recently renewed $2 billion currency swap agreement as a tool to enhance financial cooperation, boost bilateral trade, and attract more investment.

Expressing optimism about the future, the envoy stated that these efforts would ultimately yield tangible benefits for ordinary citizens in both countries.

He said: “We have a comprehensive strategic partnership with Nigeria. China would want Nigeria to play a big role in the international scene. We want Nigeria to become a member of G-20. These will all provide opportunity for China and Nigeria to further work together closely.

“For China, we have been very consistent. We give grant to any African countries; we don’t give any conditions.”

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He further acknowledged that it was important that the two countries met to review how far they have performed in their bilateral cooperation.

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