UPDATED: Customs Revenue Surges By 122.35%, Generate N1.3trn In Q1 2024

The Nigeria Customs Service (NCS) has revealed that it generated over N1,347,675,608,972.75 in the first quarter (Q1) of 2024.

The Comptroller General, NCS, Adewale Adeniyi disclosed this during a press briefing on Wednesday.

Adeniyi disclosed that the collection for the Q1 represented 122.35 per cent when compared on a year-to-year basis with the Q1 of 2023, where a total of N606,119,135,146 was generated.

“When we do a month-by month analysis, it further illustrates an impressive growth trajectory.

“In January 2024, revenue collection surged by 95.6 per cent when compared with what was recorded in January 2023,” CG Adeniyi said.

The increase in January 2024, according to the CG, reached a total of N390,824,148,326 when compared to what was generated in January 2023, standing at N199,809,974,327.

The upward trend continued in February 2024, with a staggering 138.68 per cent growth, increasing revenue collection to N450,209,267,557 from N188,625,011,386 generated in February 2023.

By March 2024, the revenue collected by NCS revenue grew by 132.76 per cent from N217,669,949,432 to N506,642,193,019 on a year-on-year basis.

He further noted that the collection, when related to the Federal Government’s annual target of N5.07trn; the monthly target translates to N423bn.

The achievement according to Adeniyi showed a “monthly average revenue growth of 6.2 per cent over the set monthly target and cumulative revenue collection of 18.6 per cent equivalent to N78,675,608,972.75 over and above the target of 1.269 trillion for Q1.”

Within the period under review, the Service also recorded a total of 572 seizures, comprising various items valued at N10,593,099,654 in Duty Paid Value (DPV).

In January, the Service recorded 111 seizures amounting to N842,992,751 in DPV, while February recorded the highest number of seizures standing at 432, with a total of N3,704,703,350 in DPV.

According to the CGC, “Rice constituted 39 per cent of the seizures, followed by petroleum products at 26 per cent, with motor vehicles and textiles accounting for 9 per cent and 6 per cent of the seizures, respectively.

“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 that one of the key drivers was the introduction of the E-auction which generated a total revenue of NGN 1.6 billion in February and March.

Another is the granting of a 90-day window to owners of uncustomed vehicles, facilitating the payment of appropriate duties on previously imported vehicles into the country.

“Members of the public are strongly advised to avail themselves of this opportunity to regularise their papers, as failure to do so will result in applicable penalties.

“Additionally, the government’s decision to reopen the Northern Borders with the Niger Republic holds significant importance.

“This action is expected to boost trading activities in those areas. With potential smugglers now reconsidering the legitimacy of trading through approved routes, this decision stands as a pivotal move,” the CG noted.