(3 Minutes Read)
Nigeria Customs Service (NCS), generated a revenue of 1.3 trillion in the first quarter of 2024. This is a remarkable achievement representing a substantial increase of 122.35 per cent, compared to the same period last year. Comptroller General of NCS, Adewale Adeniyi acknowledges officers’ efforts in boosting revenue and combating smuggling activities.
The month-by-month analysis illustrated the service’s impressive growth trajectory, stating, that in January 2024, revenue collection surged by 95.60 per cent, reaching N390,824,148,326.55 from N199,809,974,327.52 recorded in January 2023. Adeniyi explained that the upward trend continued in February 2024, with a staggering 138.68 per cent growth, elevating revenue collection to N450,209,267,557.15 from N188,625,011,386.87 in February 2023.
By March 2024, the revenue collected by NCS revenue grew by 132.76 per cent from N217,669,949,432.28 to N506,642,193,019.05. When compared to the federal government’s annual revenue target of N5.07 trillion for the NCS to collect in 2024, the target translates to a monthly revenue target of N423 billion. Performance in revenue collection, collecting a total revenue of N1,347,675,608,972.75. Comptroller General of NCS, Adewale Adeniyi, disclosed this during the first quarter performance briefing by the service in Abuja.
In the first quarter of 2024, the NCS recorded a total of 572 seizures, encompassing various items valued at N10,593,099,654.50 in Duty Paid Value (DPV). Notably, January saw 111 seizures amounting to NGN 842,992,751.50 in DPV, while February marked the highest seizure numbers of 432, totalling N3,704,703,350.34. Rice constituted 39 per cent of the seizures, followed by petroleum products at 26 per cent, with motor vehicles and textiles accounting for nine per cent and six per cent of the seizures, respectively.
Read Also:
https://trendsnafrica.com/nigeria-implements-duty-waiver-on-lpg-cng/
https://trendsnafrica.com/nigeria-suspends-excise-duty-on-single-use-plastic/
NCS was actively implementing various measures to address the challenges and one notable initiative was the integration of geospatial technology alongside the utilisation of satellite imagery and artificial intelligence tools and techniques. These efforts were initiated to combat the longstanding issue of smuggling and enhance NCS’s enforcement capabilities for effective monitoring of Nigeria’s extensive 4,000-kilometer borders.
