The Nigeria Customs Service (NCS) has announced a significant revenue milestone, reporting a revenue generation of over N1.3 trillion during the first quarter of 2024.
The figure marks a remarkable increase of 122.35% compared to the revenue collected in the same period last year.
Comptroller General (C-G) of the NCS, Adewale Adeniyi, unveiled the figures during a media briefing in Abuja, where he highlighted the organisation’s outstanding performance in the year’s initial quarter.
Adeniyi disclosed that the total revenue collected amounted to N1,347,675,608,972.75, showcasing a substantial surge compared to the N606,119,935,146.67 collected in the first quarter of 2023.
Breaking down the revenue growth, Adeniyi revealed that January 2024 saw a significant increase, with N390.824 billion generated, marking a 95.6% rise from January 2023’s N199.81 billion.
“The upward trend continued in February and March 2024, with revenue growth rates at 138.68% and 132.76%, respectively, compared to the same months in the previous year.
“In addition to revenue generation, the NCS intensified its efforts to combat smuggling activities during the period,” he stated.
Adeniyi disclosed that the service seized 572 items valued at N10.59 billion in Duty Paid Value (DPV) and apprehended 22 suspects.
“Rice emerged as the most seized item, comprising 39% of the total, followed by petroleum products, motor vehicles, and textiles,” he noted.
Emphasising the NCS’s commitment to tackling smuggling, Adeniyi outlined plans to enhance anti-smuggling efforts by integrating geospatial technology, satellite imagery, and Artificial Intelligence tools.
“These efforts aim to strengthen enforcement capabilities and establish a Command and Control centre for comprehensive monitoring of border activities along Nigeria’s extensive 4,000 km borders.
“Despite facing operational challenges such as non-compliance with trade regulations and infrastructural constraints, we remain focused on refining trade procedures to eliminate inefficiencies and enhance port operations,” he added.
Last year, the NCS revealed staggering losses amounting to N1.3 trillion in 2023, attributing the substantial decline in revenue to waivers and concessions President Muhammadu Buhari’s administration granted to investors.
Adeniyi, represented by Deputy Comptroller General Mba Musa at a National Assembly hearing, said the Customs Service suffered significant revenue setbacks due to these concessions.
He also said the NCS didn’t have detailed information regarding the $3.2 billion Customs modernization project sanctioned by the Buhari administration in April 2023.
