Customs Generates N1.35tr in Q1 2024 Despite Challenges
By Patience Ikpeme
The Nigeria Customs Service (NCS) has announced impressive revenue generation in the first quarter (Q1) of 2024, exceeding its targets by a significant margin.
Despite challenges like fluctuating exchange rates and non-compliance by some importers, the NCS raked in N1.35 trillion between January and March.
This figure represents a remarkable 122.35% increase compared to the N606.1 billion collected during the same period in 2023.
Comptroller General of the NCS, Adewale Adeniyi, provided details of the revenue surge, highlighting a 95.6% increase in January 2024’s collection compared to January 2023.
However, the NCS also acknowledged operational hurdles. Adeniyi identified fluctuations in the foreign exchange rate and non-compliance with import regulations as significant challenges impacting their activities.
The NCS attributed its strong performance to the implementation of key reforms, including the e-auction system. This electronic auction platform generated N1.6 billion in additional revenue during February and March 2024. The NCS further bolstered its revenue collection with anti-smuggling efforts, resulting in a total of 572 seizures with a combined value of N10.59 billion.
The NCS’s performance in Q1 2024 is a positive indicator of the agency’s efforts to optimize revenue generation. By overcoming challenges and implementing innovative solutions like e-auctions, the NCS is well-positioned to achieve its targets and contribute significantly to Nigeria’s economic growth.
