Nigeria Customs Exceeds 2024 Revenue Target by 20.2 %
The Nigeria Customs Service (NCS) says it has exceeded its 2024 revenue target of ₦5.1 trillion by 20.2 per cent. The Comptroller-General (C-G) of NCS, Adewale Adeniyi, disclosed this while briefing newsmen in Abuja.
Adeniyi said 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 C-G, 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 C-G explained that the reduction was the result of enhanced monitoring mechanisms and strategic reforms aimed at blocking loopholes and eliminating abuses in the concession-granting process. Adeniyi stated that the move was aimed at ensuring that only genuine and qualified enterprises benefit from these incentives.
The C-G 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.
“The target that reflects both the government’s confidence in our capabilities and the expanding scope of our operations.
“We approach this challenge with determination, building on our achievements in 2024 and leveraging our enhanced capabilities,“ he said.
According to him, the service priorities for 2025 will 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 that 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.
He 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.
Adeniyi said that the service would implement and roll out a robust corporate social responsibility strategy that aligns with the pillars of the presidential priority areas and the sustainable development goals. #Nigeria Customs Exceeds 2024 Revenue Target by 20.2 % Ministry Seeks $2 billion Fibre Optics Funding
