Customs Generates N6.1 Trillion Revenue in 2024, Eyes N8 Trillion in 2025
-
Loading... - Mariam Ayinde
- 15 Jan 2025
- 50 Views
- 0 Like
- 0 Comment
The Nigeria Customs Service (NCS) has announced a remarkable revenue collection of N6.1 trillion for the year 2024, surpassing its target and marking a significant increase from previous years. During a press briefing in Abuja, Comptroller General of NCS, Adewale Adeniyi, revealed that this figure represents a N2.9 trillion or 90.4 percent increase compared to the N3.2 trillion recorded in 2023.
Adeniyi highlighted that the 2024 collection is the highest in recent years, especially when compared to the shortfalls experienced in 2022 and 2023, where the service recorded deficits of 14 percent and 13 percent of its targets, respectively. He stated, “In the year 2024, we collected a total sum of N6,105,315,543,489.50 kobo. This performance surpassed our target of N5.07 trillion by N1.026 trillion, which represents a 22 percent increase over and above our target for 2024.”
Breakdown of Revenue Collection
The impressive revenue collection for 2024 comprises three main components:
i. Federation Accounts: Approximately N3.6 trillion.
ii. Non-Federation Accounts Levies: N816.9 billion.
iii. Value-Added Tax (VAT): N1.6 trillion.
Adeniyi noted that these collections were achieved despite significant concessions granted to support various sectors of the economy, totaling N1.68 trillion in 2024.
Initially, the NCS had set a revenue target of N5.79 trillion for 2024, but Abubakar Bichi, chairman of the House of Representatives committee on appropriations, urged the agency to increase its revenue target to N6 trillion to support government financing for various projects.
Anti-Smuggling and Enforcement Efforts
In addition to revenue collection, Adeniyi emphasized the NCS’s commitment to securing Nigeria’s borders and preventing illicit activities. In 2024, the agency made 3,555 seizures, with the Duty Paid Value (DPV) increasing by 100.92%, from N17.56 billion in 2023 to N35.29 billion. These seizures included narcotics, firearms, and counterfeit medicines, underscoring the NCS’s critical role in safeguarding the nation’s economic and national security.
Notable seizures included:
- 900 arms and 113,472 rounds of ammunition.
- 105 narcotics-related seizures.
- 40 seizures of unauthorized pharmaceutical products, totaling 175,676 pieces and 6,271 cartons of various medicaments valued at N3.04 billion.
- 76 animal/wildlife products valued at N5.93 billion.
- 3,785 bales of textiles worth N945.9 million, aimed at protecting local industries.
- 397 vehicle seizures valued at N5.64 billion as part of ongoing enforcement of import regulations.
The remarkable performance of the NCS in 2024 highlights the agency’s resilience and innovative approach to revenue collection, trade facilitation, and security enforcement. Moving forward, Adeniyi announced an ambitious target of N8 trillion for 2025, expressing confidence that the NCS will continue to meet the growing demands of the nation.
As the NCS sets its sights on this new target, the agency remains committed to enhancing its operational efficiency and effectiveness in safeguarding Nigeria’s borders while contributing significantly to the nation’s revenue generation.
