Customs Generates N3.2trn Revenue in 2023, Targets N5.2trn in 2024
WALE ADENIYI
• Restates zero-tolerance stance towards indiscipline, non-compliance
By Francis Ugwoke
The Nigeria Customs Service (NCS) on Wednesday announced a revenue generation of N3.2trillion for last year.
The Service also announced a revenue target of N5.2trillion for this year.
This was disclosed by the Comptroller-General of the Service, Bashir Adewale Adeniyi at a press conference in Abuja.
Adeniyi said that the total revenue collection of NGN 3,206,603,417,315.47, was noteworthy as it was 21.4% increase from the preceding year’s (2022) total revenue of NGN 2,641,616,673,501.83.
He said that the growth aligns with the NCS’s “consistent upward trajectory, as evidenced by a 17.88% revenue increase in 2022”.
According to him, “The consecutive expansion in revenue underscores the Service’s sustained efforts in optimizing revenue collection for the Federal Government and exemplifies our ability to adapt to dynamic economic conditions.
“This achievement is particularly remarkable given the challenges within the operational environment. Operational challenges such as lower transaction volumes, compliance issues, inadequate infrastructure, and capacity gaps were compounded by delays in policy implementation and socio-political factors.
“The anxiety associated with a major election year, the prolonged cash crunch linked to the introduction of higher denominations of the new Naira bills, temporarily impacted purchasing power and overall economic activities. The transition of power to the President Tinubu-led Administration brought about new policy direction, including the removal of fuel subsidy, the floating of the exchange rate, and the closure of Nigeria’s Northern borders with Niger Republic, adding another layer of complexity”.
The Comptroller General disclosed that the Service will continue to adapt to emerging challenges, foster collaborations, and uphold its commitment to integrity and administrative procedures.
In view of this, he said that the Service has outlined strategies in a bid to facilitate the achievement of the newly set revenue target of NGN 5.079 trillion for the fiscal year 2024.
He said, “The Service invites all stakeholders to actively participate in this collective journey towards a more efficient, transparent, and revenue optimized customs operation for the benefit of the nation.
“ In the face of these goals, I must emphasize that the NCS will maintain a zero-tolerance stance towards indiscipline and non-compliance in the year 2024. It is imperative for all officers and stakeholders to adhere strictly to established procedures and regulations.
“Maximum cooperation is expected from every stakeholder in the customs operations. The success of our collective efforts depends on the discipline and commitment of each member.
“Let this be a year where every action is aligned with the principles of efficiency, transparency, and revenue optimization with the overall aim of contributing meaningfully to the economic prosperity of our nation”.
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