Customs One-Year Revenue Increases By 74%, Hits N4.5tn

The Nigeria Customs Service (NCS) reported a significant 74% increase in revenue, reaching N4.49 trillion between June 2023 and May 2024. This announcement was made by the Comptroller-General of Customs, Adewale Adeniyi, during a performance review in Abuja.

“Exactly one year ago today, and approximately three weeks into the inauguration of President Bola Tinubu, I was appointed by Mr President as the Comptroller-General of this strategic agency, the NCS,” Adeniyi stated.

Highlighting key milestones, Adeniyi revealed that the NCS recorded a total revenue collection of N4.49 trillion, a notable increase from the N2.58 trillion collected during the corresponding period of the previous year. This growth was supported by a 70.13% rise in average monthly revenue, with monthly collections averaging N343 billion compared to N202 billion previously.

Adeniyi pointed out the significant 122.35% rise in revenue collection in the first quarter of 2024 compared to the same period the previous year. This increase was driven by several strategic initiatives, including a N15 billion recovery from the Revenue Review Performance Recovery Exercise, N2.79 billion from the regularisation of documents for uncustomed vehicles, and N1.5 billion from decongesting 1,705 overtime containers and 981 vehicles at ports.

“It is also worthy to note that on June 13, 2024, NCS recorded a daily all-time-high of N58.5 billion in revenue collection,” Adeniyi noted.

Adeniyi discussed significant trade facilitation achievements, such as port decongestion and reopening previously inaccessible roads. The designation of a dedicated terminal for exports at the Lilypond command has been particularly impactful. Initially handling 317 Single Goods Declarations (SGDs), the terminal now processes 7,464 SGDs, accounting for 19.49% of the total 38,294 export transactions in 2023. In the first quarter of 2024 alone, the service processed 10,786 transactions, with 3,162 (29.32%) through the dedicated export terminal.

The NCS recorded 63 seizures of animal and wildlife products valued at ₦566 million and seven seizures of arms and ammunition. Additionally, 127 cases involving narcotics and pharmaceutical products valued at over ₦6 billion were seized. The service also intercepted 724 attempts to smuggle 2.93 million liters of Premium Motor Spirit (petrol) out of the country. Efforts to combat illicit petroleum trade continue under Operation Whirlwind.

To ensure food security, the NCS seized 1,744 cases of rice and grain worth ₦4.4 billion. These actions underscore the NCS’s commitment to protecting society and national security.

Adeniyi acknowledged the challenges faced by the NCS but reassured the public of ongoing efforts to address them. He emphasized collaboration with the Central Bank of Nigeria to stabilize exchange rates for imports, enabling better business planning.

“On compliance with customs laws, the service is constantly reviewing its processes in line with the Nigeria Customs Service Act 2024 to ensure that leakages are blocked and offenders of customs laws are made to face the full penalty and the wrath of the law,” Adeniyi stated.

He also highlighted ongoing modernization efforts, with the NCS engaging stakeholders to phase out manual processes in favor of automation, ensuring the deliverables of customs modernization projects are met.

Overall, the NCS’s impressive revenue growth and strategic initiatives reflect its crucial role in Nigeria’s economic landscape, striving for efficiency and increased compliance while navigating complex challenges.

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