The Nigeria Customs Service (NCS), yesterday, reported a significant surge in revenue generation for the first quarter of 2024, saying it generated N1.34 trillion between January and March.
It said that the records marked an impressive 122.35 per cent increase in revenue collection compared to the same period in 2023.
The Comptroller-General of Customs (CGC), Adewale Adeniyi, disclosed this in Abuja, at the press briefing on the 2024 first-quarter revenue report, reiterating its commitment to publishing the Time Release Study (TRS) report to foster transparency and address the current challenges hindering trade facilitation.
He, however, noted that between January and March, about 22 suspects were detained, assuring that appropriate legal measures would be taken in accordance with the Nigeria Customs Service Act 2023.
Adeniyi highlighted the key figures from the first quarter, demonstrating the NCS’ remarkable performance in revenue collection.
He said: “In the first quarter of 2024, the NCS demonstrated remarkable performance in revenue collection. Total revenue collected during this period amounted to N1,347,675,608,972.75. The collection for the first quarter represents a substantial increase of 122.35 per cent compared to the same period last year, where N606, 119,935,146.67 was collected. The month-by-month analysis further illustrates the service’s impressive growth trajectory.
“In January 2024, revenue collection surged by 95.60 per cent, reaching N390,824,148,326.55 from N199,809,974,327.52 recorded in January 2023.”
This upward trend continued in February 2024, with a staggering 138.68 per cent growth, elevating revenue collection to N450, 209,267,557.15 from N188, 625,011,386.87 in February 2023. By March 2024, the revenue collected by NCS grew by 132.76 per cent from N217, 669,949,432.28 to N506,642,193,019.05.
“When compared to the Federal Government’s yearly revenue target of N5.07 trillion for the NCS to collect in 2024, the target translates to a monthly revenue target of N423 billion. We are pleased to report an average monthly revenue growth of 6.2 per cent over the set monthly target and a cumulative revenue collection of 18.6 per cent, equivalent to N78, 675,608,972.75 over the set quarterly target of N1.269 trillion.
“In the first quarter of 2024, the NCS recorded a total of 572 seizures, encompassing various items valued at N10, 593,099,654.50 in Duty Paid Value (DPV). Notably, January saw 111 seizures amounting to N842,992,751.50 in DPV, while February marked the highest seizure numbers of 432, totalling N3,704,703,350.34.
