• Customs sets N9tr revenue target for 2026
• Says official FX rates used for import, export valuation

The Central Bank of Nigeria (CBN) has projected that taxes will account for 20.84 per cent of the Federal Government’s estimated N35.51 trillion retained revenue in 2026, as authorities intensify reforms aimed at strengthening non-oil revenue mobilisation.
 
Meanwhile, the Nigeria Customs Service (NCS) has projected revenue collections of about N9 trillion for the 2026 fiscal year, as the agency deepens its trade facilitation reforms and expands the use of technology to curb cargo diversion and revenue leakages.
 
In its latest macroeconomic outlook for 2026, the apex bank said the revenue projection reflects expectations of stronger tax administration, improved compliance, and the anticipated implementation of the Nigeria Tax Act, 2025, which takes effect on January 1, 2026.
 
The CBN explained that while resource-based revenue, including oil, minerals and mining, is expected to remain dominant at 57.01 per cent, the government is also banking on stronger tax receipts from key sources such as Company Income Tax (CIT), Value-Added Tax (VAT), customs duties, and Federation Account levies.
 
The report also showed that grants and donor funding were projected to contribute 1.75 per cent, while other revenue sources are expected to account for 20.40 per cent of total retained revenue.
 
The CBN noted that the fiscal outlook for 2026 remains broadly positive, supported by reforms in both the oil and non-oil sectors.

The Comptroller-General of the Service, Adewale Adeniyi, in a chat with reporters, added that the final figure would be revealed after consultations with the National Assembly appropriation committees.
 
Last year, Adeniyi disclosed that the Service raked in more than N100 billion from traders who voluntarily returned to regularise their underpaid duties after reviewing their records.
 
The CGC described the development as unprecedented and a trend he vowed that the Service would sustain this year and beyond.
 
Adeniyi also disclosed that the Service exceeded its 2025 revenue target by about 11 per cent, based on an easier and more predictable trade process, which has boosted turnover and encouraged voluntary compliance among importers, exporters, clearing agents and freight forwarders operating at the ports and border stations.
 
On border operations, Adeniyi confirmed the reopening of the Seme Border, describing it as strategic to Nigeria’s role as a regional transit corridor. He said the decision followed engagements among authorities in the Federal Republic of Nigeria, the Republic of Benin and consultations involving Niger, leading to approval for transit cargo movements along the Kébé route