Customs Shows Signs of Meeting Annual N5trn Revenue Target, Collects N1.3trn in Q1
ADENIYI ADDRESSING NEWSMEN AT THE ABUJA PRESS BRIEFING...
By Francis Ugwoke
The Nigeria Customs Service (NCS) on Wednesday announced a revenue collection of N1.3trillion during the first quarter of the year.
The figure according to the Comptroller General of the Service, Bashir Adewale Adeniyi, represents a substantial increase of 122.35% compared to the same period last year, which was N606.1bn.
Adeniyi said that the first quarter revenue was a clear demonstration of remarkable performance by the Service.
Speaking a press briefing in Abuja, Adeniyi said, “ Month-by-month analysis further illustrates the Service’s impressive growth trajectory. In January 2024, revenue collection surged by 95.60%, reaching NGN 390,824,148,326.55 from NGN 199,809,974,327.52 recorded in January 2023.
“This upward trend continued in February 2024, with a staggering 138.68% growth, elevating revenue collection to NGN 450,209,267,557.15 from NGN 188,625,011,386.87 in February 2023. By March 2024, the revenue collected by NCS revenue grew by 132.76% from NGN 217,669,949,432.28 to NGN 506,642,193,019.05”.
The first quarter revenue showed that the Service is no longer in any doubt about meeting the annual target of N5trillion.
According to the Customs boss, “when compared to the Federal government’s annual revenue target of NGN 5.07 trillion for the NCS to collect in 2024, the target translates to a monthly revenue target of NGN 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 NGN 78,675,608,972.75 over the set quarterly target of NGN 1.269 trillion”.
The Service had during the period recorded a “total of 572 seizures, encompassing various items valued at NGN 10,593,099,654.50 in Duty Paid Value (DPV)”.
He added, “Notably, January saw 111 seizures amounting to NGN 842,992,751.50 in DPV, while February marked the highest seizure numbers of 432, totalling NGN 3,704,703,350.34. 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 Service Act 2023”.
The Customs boss said the Service has been focused on trade facilitation, adding that despite inherent challenges, it has diligently worked towards streamlining processes, minimizing bottlenecks, and optimizing efficiency across our ports to ensure seamless trade transactions.
He addes, “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.
“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. 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”.
The Nigeria Customs Service (NCS) on Wednesday announced a revenue collection of N1.3trillion during the first quarter of the year.
The figure according to the Comptroller General of the Service, Bashir Adewale Adeniyi, represents a substantial increase of 122.35% compared to the same period last year, which was N606.1bn.
Adeniyi said that the first quarter revenue was a clear demonstration of remarkable performance by the Service.
Speaking a press briefing in Abuja, Adeniyi said, “ Month-by-month analysis further illustrates the Service’s impressive growth trajectory. In January 2024, revenue collection surged by 95.60%, reaching NGN 390,824,148,326.55 from NGN 199,809,974,327.52 recorded in January 2023.
“This upward trend continued in February 2024, with a staggering 138.68% growth, elevating revenue collection to NGN 450,209,267,557.15 from NGN 188,625,011,386.87 in February 2023. By March 2024, the revenue collected by NCS revenue grew by 132.76% from NGN 217,669,949,432.28 to NGN 506,642,193,019.05”.
The first quarter revenue showed that the Service is no longer in any doubt about meeting the annual target of N5trillion.
According to the Customs boss, “when compared to the Federal government’s annual revenue target of NGN 5.07 trillion for the NCS to collect in 2024, the target translates to a monthly revenue target of NGN 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 NGN 78,675,608,972.75 over the set quarterly target of NGN 1.269 trillion”.
The Service had during the period recorded a “total of 572 seizures, encompassing various items valued at NGN 10,593,099,654.50 in Duty Paid Value (DPV)”.
He added, “Notably, January saw 111 seizures amounting to NGN 842,992,751.50 in DPV, while February marked the highest seizure numbers of 432, totalling NGN 3,704,703,350.34. 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 Service Act 2023”.
The Customs boss said the Service has been focused on trade facilitation, adding that despite inherent challenges, it has diligently worked towards streamlining processes, minimizing bottlenecks, and optimizing efficiency across our ports to ensure seamless trade transactions.
He addes, “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.
“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. 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”.
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