Customs revenue hits N6trn in 2024

The Nigerian Customs Service (NCS) has recorded its highest-ever revenue collection, generating N6.1 trillion in 2024, surpassing its target of N5.08 trillion by over N1 trillion, representing a 20.2 percent increase.

The 2024 revenue marks a 90.4 percent rise from the N3.2 trillion collected in 2023, representing the highest year-on-year growth in the Service’s history. According to Bashir Adewale Adeniyi, the Comptroller-General of Customs, “The growth is historic as it marks the highest Year-on-Year increase recorded by the Service in recent times, surpassing the 52.24 percent growth recorded in 2022 by 38.18 percentage points.”

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He also noted that October, 2024 was particularly remarkable with the highest revenue generated in a single month at N603.17 billion.

Breaking down the figures, Adeniyi noted that the revenue for 2024 was composed of three key areas. The federation account collections amounted to N3.6 trillion, which included import duty, excise duty, fees, e-auction proceeds, and CET levy. Additionally, Non-federation account levies totalled N816,9 billion. The NCS also collected N1.6 trillion as Value Added Tax (VAT) on imports.

The Comptroller-General attributed the success to adherence to government policy and the dedication of Customs personnel. “These achievements were made possible through our continuous alignment with the policy objectives of President Bola Ahmed Tinubu, under the astute guidance of Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, and the support of Management and the entire staff of Nigeria Customs Service.”

Despite these figures, Adeniyi pointed out that significant concessions were granted to stimulate economic growth, amounting to N1.68 trillion. “These concessions comprised N723 billion in import duty waivers, N372.6 billion in other levy concessions, and N586.6 billion in import VAT relief,” he said.

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“This reduction is a direct result of our enhanced monitoring mechanisms and strategic reforms aimed at blocking loopholes and eliminating abuses in the concession granting process,” Adeniyi added.