Customs Records 74 % Revenue Growth in one Year
The Nigeria Customs Service (NCS), says it has recorded 74 per cent increase in revenue growth in the last one year.
The Comptroller General (C-G) of the service, Adewale Adeniyi, stated this on Wednesday in Abuja, during a Press briefing on NCS’ achievements in the last one year.
Adeniyi said that the service recorded a total revenue collection of 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 N343 billion, compared to the N202 billion monthly average.
“ Notably, there was a substantial 122.35 per cent increase in revenue collection during the first quarter of 2024, compared to the same period in the previous year,” he said.
The C-G said these giant strides recorded were as a result of the service’s various strategic initiatives, which included the collection of N15 billon by the Revenue Review Performance Recovery exercise.
He explained that N2.79 billion was realised from the 90-day window for the regularisation of documents of uncustomed vehicles.
The News Agency reports that the NCS in March, granted a 90-day grace period for payment of import duties on improperly imported vehicles, as part of its commitment to facilitating compliance.
He added that N1.5 billion was realised from the decongestion of 1,705 overtime containers and 981 vehicles from the port.
“It is also worthy of note that on June 13, 2024, NCS recorded a daily All-Time-High of N58.5 billion in revenue collection,“ he said.
Adeniyi also noted that the NCS’ anti-smuggling efforts in the last year resulted in 63 seizures related to animal and wild life products, valued at N566 million, and seven seizures of arms and ammuition made through the ports and borders.
“ In terms of illicit drugs, a combined total of 127 cases involving narcotics and pharmaceutical products, valued at over N6 billion, were seized.
“The Service also recorded 724 seizures of 2.93 million litres of PMS (Premium Motor Spirit), that wad being attempted to be smuggled out of the country,“ he said.
He explained that the illegal dealings in petroleum products had remained an issue of great concern to relevant stakeholders, adding however, that the Operation Whirlwind would continue to intercept and disrupt the activities of smugglers.
NAN reports that Operation Whirlwind was recently inaugurated by NCS to combat smuggling of petroleum products to neigbouring countries.
The C-G said as part of its effforts to ensure food security and curb the smuggling of food in and out of the country, the service recorded 1,744 cases of rice and grain seizures, valued at N4.4 billion.
“These concerted efforts underscore the NCS’s commitment to protecting society and! ensuring national security,“ Adeniyi said. #Customs Records 74 % Revenue Growth in one Year
