2024 Q1: Nigeria Customs Revenue Hits #1,347 Trillion In First Quarter, Also Siezes 572 Goods, Detains 22 Suspects.
By Helen Udoh, Outlook Media ABUJA.
The Comptroller-General of Nigeria Customs, Bashir Adewale Adeniyi MFR, revealed that,in the first quarter of 2024, has hit a revenue collection of ₦1,347,675,608,972.75.
According to him to Customs boss, month-by-month analysis further illustrates the Service’s impressive growth trajectory. “In January 2024, revenue collection surged by 95.60%, reaching ₦390,824,148,326.55 from ₦199,809,974,327.52 recorded in January 2023.
He made this known to newsmen at a press briefing on Wednesday in Abuja, he noted that ,monthly aggregate collection, the service achieved 18.6percent.
“This upward trend continued in February 2024, with a staggering 138.68% growth, elevating revenue collection to ₦450,209,267,557.15 from ₦188,625,011,386.87 in February 2023, By March 2024 the revenue collected by NCS revenue grew by 132.76% from ₦217,669,949,432.28 to ₦506,642,193,019.05,He said.
“When compared to the Federal government’s annual revenue target of ₦5.07 trillion for the NCS to collect in 2024, the target translates to a monthly revenue target of ₦423 billion. We are pleased to report an average monthly revenue growth of 6.2% over the set monthly target and a cumulative revenue collection of 18.6%, equivalent to ₦78,675,608,972.75 over the set quarterly target of ₦1.269 trillion”, CGC Adeniyi said.
“On anti-smuggling activities the CGC the NCS recorded a total of 572 seizures, which comprise of assortments of items with a Duty Paid Value (DPV) of NGN 10,593,099,654.50.he said.
“In the first quarter of 2024, the NCS recorded a total of 572 seizures, encompassing various items valued at NGN 10,593,099,654.50 in Duty Paid Value (DPV),Notably, January saw 111 seizures amounting to NGN842,992,751.50 in DPV, while February marked the highest seizure numbers of432, totalling NGN 3,704,703,350.34, he said.
“Rice constituted 39% of the seizures, followed by petroleum products at 26%, with motor vehicles and textiles accounting for 9% and 6% of the seizures, respectively. During this period, the NCS detained 22 suspects, and appropriate legal measures will be taken in accordance with the Nigeria Customs ServiceAct2023.”he said.
“During the period, the NCS detained 22 suspects, and appropriate legal measures will be taken in accordance with the Nigeria Customs Service Act 2023, He said.
According to a statement made available by the Customs National Public Relations Officer, CSC Abdullahi Maiwada said that, the CGC corecard is significant when compared to the 2024 revenue target of NGN5.07trillion given to the service, which translates to a monthly revenue target of NGN423billion.
“Trade facilitation remains a central focus of the NCS operations. Despite inherent challenges, we have diligently worked towards streamlining processes, minimizing bottlenecks, and optimizing efficiency across our ports to ensure seamless trade transactions, He said.
” In First Quarter 2024, the NCS processed a total of 311,492 Single Goods Declarations (SGDs) for imports, reflecting the volume of import transactions handled. This figure indicates a decrease compared to the total volume of 327,491 processed in 2023 and 403,233 SGDs in 2022 , CGC revealed.
“Regarding export transactions, a total of 10,786 SGDs were processed in 2024 compared to 9,752 transactions in 2023, representing a 10.60% growth in export activities. Notably, a significant portion of this growth occurred in January, with 4,067 transactions processed in 2024 compared to 3,352 SGDs in 2023, marking a 29.69% increase, He said.
“The Service is particularly interested in the growth of the non-oil export sector, aligning with the priorities of the President Bola Ahmed Tinubu led administration and the initiatives pursued by NCS in recent times”, CGC Adeniyi said.
“NCS officers have played a key role in driving the implementation of initiatives, as evidenced by our performance across the three core statutory responsibilities set by the government. Among these initiatives is the introduction of the E-auction generating a total revenue of NGN 1.6 billion in February and March He stated.
“A myriad of deliberate factors have contributed to the successes around NCS key performance indicators. It is important to acknowledge the dedication and efforts of the officers and men of NCS who have worked tirelessly and around the clock to ensure consistent and upward momentum. He stressed.
“Furthermore, stakeholders from both the private and public sectors have played an instrumental role in our recorded successes, Their commitment and enthusiasm towards our objectives have been commendable, especially in adhering to the terms of various Memoranda of Understanding (MOUs) during bilateral engagements and larger forums like the National Trade Facilitation Committee. Additionally, significant commitments were documented at the last Comptroller-General of Customs (CGC’s) Conference, notably enshrined in the Lagos Continental Declaration, highlighting the collective effort and collaboration towards our shared goals”, he stated.
“It is imperative to highlight the ongoing support of the government, particularly in approving initiatives aimed at fulfilling them. Among these initiatives, notable is the granting of a90-day window to owners of uncustomed vehicles, facilitating the payment of appropriate duties on previously imported vehicles into the country,Members of the public are strongly advised to avail themselves of this opportunity to regularize their papers, as failure to do so will result in applicable penalties.” CGC Adeniyi said.