Nigeria Customs Revenue Soars by 74%, Reaches N4.49 Trillion in One Year

The Nigeria Customs Service (NCS) has reported a 74% increase in revenue collection, reaching N4.49 trillion between June 2023 and May 2024, compared to N2.58 trillion in the previous year. Comptroller-General Adewale Adeniyi presented this impressive growth during a scorecard presentation marking his one-year tenure. He attributed the success to strategic initiatives, including a N15 billion recovery through a Revenue Review Performance exercise and decongestion efforts at ports.

Adeniyi noted that the NCS achieved an average monthly revenue collection of N343 billion, up from N202 billion the previous year. The first quarter of 2024 alone saw a 122.35% rise in revenue compared to the same period in 2023. A notable single-day collection of N58.5 billion on June 13, 2024, underscored these gains. Key contributors included recovering N2.79 billion from uncustomed vehicle documentation and N1.5 billion from clearing overtime containers and vehicles.

READ ALSO 

Customs Seize 26,950 Litres of Smuggled Petroleum Worth N19m

Nigeria Customs Seizes Contraband Worth N380 Million in Ogun State

In addition to financial achievements, the NCS made significant strides in trade facilitation and anti-smuggling efforts. The Service decongested ports, reopened access roads, and intensified anti-smuggling operations, leading to high-value seizures of arms, ammunition, and illicit drugs valued at over N6 billion. The NCS also intercepted 2.93 million liters of smuggled PMS and recorded 1,744 cases of rice and grain seizures worth N4.4 billion.

Adeniyi highlighted ongoing collaborations with international partners, such as China Customs and Benin Customs, to enhance trade facilitation and security. The NCS remains committed to modernizing processes, ensuring compliance with customs laws, and supporting national security by preventing the smuggling of arms, ammunition, and illicit substances. Adeniyi reassured that the NCS is working closely with the Ministry of Finance and the Central Bank of Nigeria to stabilize the exchange rate for imports, aiming to mitigate food inflation and support national development.