Customs Generates N2.34 Trillion Revenue in Q1 2024

By Linda Ike

The Nigeria Customs Service, NCS
says it generated N1,347,675,608,972.75 in the first quarter of 2024.

The revenue according to the NCS represents a substantial increase of 122.35 percent compared to the same period last year, where over 606 billion naira was generated.

Comptroller General of Customs, Adewale Adeniyi stated this while briefing newsmen on the activities of Customs in Abuja, on Wednesday.

Adeniyi said the revenue when compared to the federal government annual revenue target of 5.07 trillion for NCS in 2024, the target translates to a monthly revenue target of 423 billion naira.

He added that In the first quarter of 2024, the Nigeria Customs Service recorded a total of 572 seizures, encompassing various items valued at 10.593 billion in Duty Paid Value.

Adeniyi further disclosed that February marked the highest seizure numbers of 432, totalling over 3,7 billion naira, stating that Rice constituted 39 percent of the seizures, followed by petroleum products at twenty six percent, with motor vehicles and textiles accounting for nine percent and six percent of the seizures, respectively.

He said, “Month-by-month analysis further illustrates the Service’s impressive growth trajectory. In January 2024, revenue collection surged by 95.60%, reaching NGN 390,824,148,326.55 from NGN 199,809,974,327.52 recorded in January 2023.

“When compared to the Federal government’s annual revenue target of NGN 5.07 trillion for the NCS to collect in 2024, the target translates to a monthly revenue target of NGN 423 billion.

“This upward trend continued in February 2024, with a staggering 138.68% growth, elevating revenue collection to NGN 450,209,267,557.15 from NGN 188,625,011,386.87 in February 2023. By March 2024, the revenue collected by NCS revenue grew by 132.76% from NGN 217,669,949,432.28 to NGN 506,642,193,019.05.

“We are pleased to report an average monthly revenue growth of 6.2% over the set monthly target and a cumulative revenue collection of 18.6%, equivalent to NGN 78,675,608,972.75 over the set quarterly target of NGN 1.269 trillion.

“Suppression of Smuggling in the first quarter of 2024, the NCS recorded a total of 572 seizures, encompassing various items valued at NGN 10,593,099,654.50 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 NGN 3,704,703,350.34. Rice constituted 39% of the seizures, followed by petroleum products at 26%, with motor vehicles and textiles accounting for 9% and 6% of the seizures, respectively.”

The CGC said that during this period, the NCS detained 22 suspects and appropriate legal measures will be taken in accordance with the Nigeria Customs Service Act 2023.

Adeniyi noted an average monthly revenue growth of 6.2% over the set monthly target and a cumulative revenue collection of 18.6%, equivalent to NGN 78,675,608,972.75 over the set quarterly target of NGN 1.269 trillion.

He continued, “Despite inherent challenges, we have diligently worked towards streamlining processes, minimizing bottlenecks, and optimizing efficiency across our ports to ensure seamless trade transactions.

“In First Quarter 2024, the NCS processed a total of 311,492 Single Goods Declarations (SGDs) for imports, reflecting the volume of import transactions handled. This figure indicates a decrease compared to the total volume of 327,491 processed in 2023 and 403,233 SGDs in 2022.

“Regarding export transactions, a total of 10,786 SGDs were processed in 2024 compared to 9,752 transactions in 2023, representing a 10.60% growth in export activities. Notably, a significant portion of this growth occurred in January, with 4,067 transactions processed in 2024 compared to 3,352 SGDs in 2023, marking a 29.69% increase.”

Adeniyi commended the dedication and efforts of officers and men of NCS for their initiatives which includes introduction of the E-auction that generated a total revenue of N 1.6 billion in February and March.

He said the NCS encountered several systemic challenges that impeded the ability to fulfil its statutory responsibilities effectively, these challenges encompassed issues related to non-compliance with regulations, infrastructure limitations, and a notable decline in cargo throughput, evidenced by a 4.89% decrease in the volume of transactions handled.

He added that significant fluctuations in exchange rates applied in the customs clearance of consignments posed considerable difficulties