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

Nigeria’s leading revenue-generating agencies—the Nigerian National Petroleum Company (NNPC), Nigeria Customs Service (NCS), and Federal Inland Revenue Service (FIRS)—have surpassed expectations, collectively generating N36.95 trillion in 2024. This impressive figure exceeds their annual targets, reflecting robust fiscal performance.

During an interactive session with the National Assembly’s joint committees on Finance, Budget, and National Planning, these agencies highlighted their financial achievements. The NCS reported a revenue of N5.352 trillion by September, exceeding its N5.09 trillion target. The NNPC contributed significantly, generating N13.1 trillion, while the FIRS recorded N18.5 trillion in collections, surpassing its N19.4 trillion benchmark for the fiscal year.

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Despite this strong revenue performance, the Federal Government continues to defend its borrowing strategy for budgetary funding. Officials emphasized that these loans align with the National Assembly’s approved appropriations act.

Amid these discussions, the Nigeria Immigration Service faced criticism over an unfavorable public-private partnership deal, which lawmakers labeled as detrimental to national interests.