The Nigeria Customs Service (NCS) exceeded its 2024 revenue target of ₦5.1 trillion by 20.2 per cent, its comptroller-general, Adewale Adeniyi, said on Tuesday.
Mr Adeniyi told journalists in Abuja that NCS recorded a total revenue of ₦6.1 trillion in 2024, surpassing its target by ₦1.03 trillion.
He described the achievement as significant, representing an increase of 90.4 per cent from its 2023 collection of ₦3.2 trillion.”
“This growth is historic as it marks the highest year-on-year increase recorded by the service in recent times. It surpassed the 52.24 per cent growth recorded in 2022 by 38.18 per cent,” he said.
He said the NCS recorded another milestone in October 2024, achieving its highest monthly collection in the history of the service of ₦603 billion.
According to the CG, the total revenue collected for 2024 is categorised into three main components.
“The components include federation account collections, which amount to ₦3.66 trillion; non-federation account levies, ₦816.90 billion; and Value-Added Tax (VAT), ₦1.63 trillion.
“It is pertinent to note that these collections were achieved despite significant concessions granted to support various sectors of the economy, totalling ₦1.68 trillion.
“These concessions comprised ₦723 billion in import duty waivers, ₦372.7 billion in other levy concessions, and ₦586.7 billion in import VAT relief.
“These strategic concessions were granted to stimulate economic growth, support industrial development, and enhance the overall business environment in line with government policy objectives.
“Notably, the 2024 concession value represents a significant reduction from the ₦3.96 trillion recorded in 2023,“ he said.
The CG explained that the reduction resulted from enhanced monitoring mechanisms and strategic reforms to block loopholes and eliminate abuses in the concession-granting process.
Mr Adeniyi stated that the move aimed to ensure that only genuine and qualified enterprises benefit from these incentives.
The CG said that the federal government has set a target of ₦6.58 trillion in revenue generation for the service in 2025 due to their performance in 2024.
He said the service will, in 2025, focus on the full deployment of its trade modernisation initiatives, including the nationwide rollout of its new Unified Customs Management System software, B’Odogwu.
The software, inaugurated in 2024, aims to boost trade facilitation by automating operations and aligning with international standards.
He said the NCS would complete the implementation of its Authorised Economic Operator (AEO) programme in 2025 and enhance its risk management and enforcement capabilities through technology integration.
The CG added that it would operationalise the Nigeria Customs Service University for Trade and Technology, strengthen international partnerships, and enhance trade facilitation initiatives under the African Continental Free Trade Area framework. (NAN)
