Business
Immigration Makes N438bn From Passport Issuance, Others
The Nigeria Immigration Service (NIS) says it generated N438. 78 billion as revenue from 2017 to date, according to findings by The Tide source.
Internally Generated Revenue (IGR) by the NIS, the source stated, almost doubled from N38.53bn in 2017 to N74.69 (budgeted IGR) in 2022.
In 2017, 2018 and 2019, the NIS raked in N38.5bn, N39bn and N61bn, respectively.
The service’s IGR, however, suffered a 19 per cent drop to N49.9bn in 2020 largely due to the Covid-19 pandemic.
In 2021, the revenue rose by about 44 per cent amounting to N71.7bn. Its proposed revenue for the 2022 fiscal year stands at the N74.6bn.
The sum of $230.63m (N103.01bn) offshore revenue was generated by the agency between 2017 and 2022.
A breakdown showed that $31.6m, $36.91m and $41.8m were generated in 2017, 2018 and 2019 respectively.
In 2020, 2021 and 2022, the service generated $20.07m, N40.33m and $39.90m respectively.
Meanwhile, the budgetary allocation for the immigration service rose by at least 2023 per cent in the fiscal years from 2018 to 2023.
Speaking with the source, the Global Spokesperson of the Southern Kaduna Peoples Union, Luka Biniyat, said the rising revenue from passport issuance might be a result of the rising rate of relocation of Nigerians to other parts of the world in search of greener pastures.
Citing report that the number of passports issued by the NIS rose from 767,164 to 1,059,607 between 2020 and 2021, he said this is about 2,081 and 2,853 passports issued every 24 hours in 2020 and 2021 respectively.
“This is connected with the fact that Nigerians are in a hell of a hurry to rush out of this country.
“Let’s say that Kaduna State is issued with 200 passports, and then you have about 5,000 persons applying for 200 passports”, he stated.
In its seven-year scorecard for the President Muhammadu Buhari regime, the Presidency had argued that the Federal Government was working to reposition the NIS to satisfy global standards and adhere to global best practices.
Citing border security efforts, a report issued by the President’s spokesman, Femi Adesina, said: “The Nigerian Immigration Service is deploying a Migration Information and Data Analysis System (MIDAS) at five international airports.
“MIDAS is a global real-time border management system developed by International Organisation for Migration (IOM) and is linked to INTERPOL & other watch-lists.
“The implementation of MIDAS at the International Airport in Abuja was described by the IOM as “the largest deployment of MIDAS at any airport globally, to date.”
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Agency Gives Insight Into Its Inspection, Monitoring Operations
Business
BVN Enrolments Rise 6% To 67.8m In 2025 — NIBSS
The Nigeria Inter-Bank Settlement System (NIBSS) has said that Bank Verification Number (BVN) enrolments rose by 6.8 per cent year-on-year to 67.8 million as at December 2025, up from 63.5 million recorded in the corresponding period of 2024.
In a statement published on its website, NIBSS attributed the growth to stronger policy enforcement by the Central Bank of Nigeria (CBN) and the expansion of diaspora enrolment initiatives.
NIBSS noted that the expansion reinforces the BVN system’s central role in Nigeria’s financial inclusion drive and digital identity framework.
Another major driver, the statement said, was the rollout of the Non-Resident Bank Verification Number (NRBVN) initiative, which allows Nigerians in the diaspora to obtain a BVN remotely without physical presence in the country.
A five-year analysis by NIBSS showed consistent growth in BVN enrolments, rising from 51.9 million in 2021 to 56.0 million in 2022, 60.1 million in 2023, 63.5 million in 2024 and 67.8 million by December 2025. The steady increase reflects stronger compliance with biometric identity requirements and improved coverage of the national banking identity system.
However, NIBSS noted that BVN enrolments still lag the total number of active bank accounts, which exceeded 320 million as of March 2025.
The gap, it explained, is largely due to multiple bank accounts linked to single BVNs, as well as customers yet to complete enrolment, despite the progress recorded.
