Customs revenue surges 74%, hits N4.49tr in a year

.Impounds animal, wildlife products worth N566m

Comptroller-General of Nigeria Customs Service (NCS), Adewale Adeniyi, has declared that the service generated N4.49 trillion in one year under him, surpassing the 2023 revenue target by 74 per cent.

 
He disclosed this in Abuja, yesterday, at a briefing to commemorate his first anniversary in office. He attributed the remarkable milestone in revenue generation to improved enforcement, automation and stakeholder engagement.
 
Adeniyi said: “The NCS reported a remarkable 74 per cent growth in revenue collection over the past year, recording N4.49 trillion between June 2023 and May 2024, compared to the N2.58 trillion collected during the corresponding period of the previous year.
 
“This achievement was underpinned by a sustained increase of 70.13 per cent in average monthly revenue collection, compared to the previous year. NCS recorded an average monthly revenue collection of N 343 billion, compared to the N202 billion monthly average. Notably, there was a substantial 122.35 per cent rise in revenue collection during the first quarter of 2024, compared to the same period in the previous year. These gains were attributed to various strategic initiatives.” 
 
On trade facilitation, he said significant achievements had been made by the decongestion of ports and reopening of previously inaccessible access roads.  

 
He also acknowledged the support of the Federal Government and stakeholders in the industry, noting that the Service’s recent ranking under the Presidential Enabling Business Environment Council (PEBEC), aimed at streamlining business operations in Nigeria through reforms and policies.
 
“Between 2020 and 2022, the NCS maintained an average percentage score of 18.45 per cent, placing 28th out of the 37 Ministries, Departments and Agencies (MDAs) ranked. By 2023, the NCS ranking fell further to 34th out of 39 MDAs, with a percentage score of 18.53 per cent. However, by 2024, I am delighted to announce that the NCS moved up 33 places, now tied at the top with four other MDAs out of 36 MDAs assessed, scoring 100 per cent, marking an 81.5 per cent increase. 
 
“This remarkable improvement is directly attributed to the trade facilitation measures implemented within the past year. The NCS remains committed to ensuring that all recommendations and global best practices are implemented to the highest standard,” he added.

 
According to him, the designation of a dedicated terminal for exports yielded significant gains, facilitating the processing of export goods through the Lilypond command.
 
He stated, “Initially handling 317 Single Goods Declarations (SGDs) in transactions, the terminal now manages 7,464 SGDs, accounting for 19.49 per cent of the 38,294 export transactions recorded in 2023. By the first quarter of 2024, the Service had processed 10,786 transactions, with 3,162 (29.32 per cent) processed through the dedicated export terminal.”
 
Adeniyi also said the Service was committed to national security and would continue its efforts to stamp out smugglers and economic saboteurs.
 
The Service, he noted, recorded 63 seizures related to animal and wildlife products valued at N566 million, and seven seizures of arms and ammunition through the ports and borders. 
 
In terms of illicit drugs, 127 seizures involving narcotics and pharmaceutical products valued at over N6 billion were made, The Guardian gathered.

The post Customs revenue surges 74%, hits N4.49tr in a year appeared first on Guardian Nigeria News.

  • Related Posts

    EXCLUSIVE: Inspector-General Egbetokun Removes AIG Fayoade From Zone 2 Lagos To Stop His Planned Emergence As Next Police Boss

    SaharaReporters learnt on Wednesday that although the Nigeria Police Force officially claimed that Fayoade’s removal was linked to “corruption allegations,” his removal is tied to Egbetokun’s secret plot to stop…

    BREAKING: Lagos Command PRO, Benjamin Hundeyin To Replace Muyiwa Adejobi As Nigerian Police Spokesman

    SaharaReporters earlier exclusively reported that the long-serving and controversial Public Relations Officer of the Nigeria Police Force, Adejobi, was removed from his post at the Force Headquarters.     ArticlesRead More 

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    This site uses Akismet to reduce spam. Learn how your comment data is processed.

    Business & Economy

    Nigeria’s revenues hit N20.6 trillion in eight months on non-oil gains – Official

    Nigeria’s revenues hit N20.6 trillion in eight months on non-oil gains – Official

    FG, nurses union reach fresh agreement on service scheme, reserve 60% job quota

    Lagos attracted over $6 billion in tech startup funding between 2019 and 2024 – Sanwo-Olu 

    Standard Bank revises Naira outlook, projects N1,585.5/$1 by end of 2025 

    US commits $32.5m to support food security in Nigeria

    US government donates $32.5 million to WFP to address hunger in Nigeria

    US government donates $32.5 million to WFP to address hunger in Nigeria

    NGX penny stocks: The risky bet that might pay off again this September 

    FCTA revokes all park licenses in Abuja, calls for fresh resubmission 

    International Finance Corporation warns Africa risks missing AI boom without infrastructure and skills  

    Tinubu orders implementation of mandatory health insurance across MDAs, urges compliance monitoring 

    New TotalEnergies deepwater deal to accelerate Nigeria’s shift to gas – NUPRC CEO

    Law firm raises red flags over governance conflicts in Nigeria’s Insurance Reform Act 2025 

    FCCPC issues new regulation to address loan app harassment

    FCCPC issues new regulation to address loan app harassment

    Regency Alliance reports N2.5 billion 2024 profit on strong insurance revenue, investments 

    FCCPC commences ‘N100 million sanction rule’ against Non-Compliant Digital Lending Operators in Nigeria 

    African businesses face 35% higher technology costs than global peers- IFC 

    FG digitizes Basic Health Care Fund to boost transparency, accountability in PHC financing across Nigeria  

    Lagos state to cut Blue Line fares by 50% as ridership tops 5 million in two years

    A celebration of vision and impact: Built to Close by Tope Dare officially launched

    Mazerance; the game, the people and the long road ahead

    Dangote Refinery: FCCPC abandons bid to challenge Court’s dismissal in N100 billion petrol import license suit   

    FG declares Friday, September 5, as public holiday to mark Eid-ul-Mawlid

    Gold sparkles at record highs as Nigeria cracks down on illegal mining

    FATF grey list, a major stumbling block affecting Nigeria’s cross-border payment – Busha co-founder 

    ChatGPT to add parental controls amid child safety concerns

    ChatGPT to add parental controls amid child safety concerns

    SeaBaas at One: Peerless’ modern core processed 2 billion transactions, saves clients $10m — sets sights on Pan-African Scale 

    UBA, Mastercard launch prepaid card to promote financial inclusion 

    AMCON-backed Unity Bank summons shareholders meeting for merger with Providus

    AMCON-backed Unity Bank summons shareholders meeting for merger with Providus

    Nigeria to partner with ‘Big Tech’ companies to build hyperscale data centers – NITDA DG  

    Sterling Bank marks one year of zero downtime with groundbreaking SeaBaas

    Nigeria’s business performance index hits 107.3 as firms struggle with financing challenges 

    FG partners Polaris Capital to kickstart training of 100,000 construction artisans nationwide 

    OpenAI to acquire product testing startup, Statsig in $1.1 billion all-stock deal 

    Tinubu: Nigeria no longer borrowing from local banks as revenue target surpassed 

    Stock Market Plummets as Investors Lose N985.7bn in Two Days

    Sterling Bank Marks One Year of Zero Downtime with Groundbreaking SeaBaas