Nigeria Customs Service Surpasses 2024 Revenue Target by N1.02trn
By Patience Ikpeme
The Nigeria Customs Service (NCS) recorded revenue collection of N6.105 trillion for the 2024 fiscal year, exceeding its target of N5.079 trillion by N1.02 trillion.
Comptroller-General of Customs, Mr. Wale Adeniyi, disclosed this during a media briefing in Abuja, describing the achievement as a landmark in the Service’s operational history.
Despite granting N1.6 trillion in waivers and concessions to stimulate economic growth and industrial development, the NCS achieved a 90.4% year-on-year increase in revenue compared to the N3.206 trillion collected in 2023. Adeniyi credited this success to enhanced reforms, tighter monitoring mechanisms, and alignment with government policy objectives.
Adeniyi detailed that the waivers included N723 billion in import duty relief, N372.6 billion in levy concessions, and N586.6 billion in import VAT relief. He stated that the N1.6 trillion waivers granted in 2024 marked a significant reduction from the N3.96 trillion concessions recorded in 2023, attributing the decline to reforms aimed at eliminating abuse and ensuring only qualified enterprises benefited.
“These strategic concessions were granted to stimulate economic growth, support industrial development, and enhance the overall business environment in line with government policy objectives,” Adeniyi stated.
The N6.105 trillion revenue for 2024 was generated from three main sources: N3.6 trillion from the Federation Account, N816.9 billion from non-Federation levies, and N1.631 trillion from Value Added Tax (VAT). Adeniyi highlighted the Service’s October 2024 collection of N603.17 billion, the highest monthly revenue in its history.
“This growth is historic as it marks the highest year-on-year increase recorded by the Service in recent times, surpassing the 52.24% growth in 2022 by 38.18 percentage points,” he noted.
The NCS also recorded significant progress in anti-smuggling activities, with 3,555 seizures valued at N35.29 billion in 2024, a 100.92% increase from the N17.56 billion recorded in 2023.
Key seizures included: Arms and Ammunition of 900 arms and 113,472 rounds of ammunition; 105 seizures of arious forms of narcotics and illicit drugs; 175,676 pieces and 6,271 cartons of various medicaments valued at N3.04 billion; 76 seizures of wildlife products valued at N5.93 billion; 183,527 bags of rice and 3,785 bales of textiles worth N945.9 million. “These seizures highlight the scale of attempted economic sabotage prevented by the Service,” Adeniyi said.
Looking ahead, the NCS is targeting N6.58 trillion in 2025, with priorities including the full deployment of trade modernization initiatives, nationwide rollout of the B’Odogwu platform, and strengthening partnerships under the African Continental Free Trade Area (AfCFTA) framework.
Adeniyi expressed confidence that with the continued support of President Bola Ahmed Tinubu’s administration, the Finance Ministry, and the dedicated workforce of the Service, the NCS would surpass its 2025 targets while driving economic diversification and national development.
