Nigeria Customs Service Set To Exceed 2024 Revenue Target

By: Elizabeth Christopher

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The Nigeria Customs Service (NCS) has disclosed that it met its 2024 fiscal year revenue target of ₦5.1 trillion.

The Comptroller-General, Adewale Adeniyi, disclosed in Abuja at the opening ceremony of the 2024 Comptroller General Conference (CGC), tagged; “NCS: Engaging Traditional and New Partners with Purposes”.

Expressing his satisfaction at the performance of the NCS, the CG said the collected revenue, demonstrates how enhanced stakeholder collaboration, improved processes and modernized systems can deliver tangible results for the nation’s economy

“I am pleased to announce that, as of yesterday, 12th November 2024, at exactly 10 minutes after one, the Nigeria Customs Service has hit its 2024 revenue target of 5.07 trillion. As of 1310 hours yesterday, the Nigeria Customs Service has collected a total of 5,079,455,088,194 Naira 38 Kobo, with more than a month remaining in the 2024 fiscal year. This exceptional performance projected to exceed our target by about 10%”

He said that custom’s modernisation initiatives have continued to yield immediate benefits for its stakeholders, and it strives to sustain continuous improvement.

“Our Authorized Economic Operator Program, AEO, now has six beneficiaries in its pilot phase, and these beneficiaries were carefully selected based on stringent compliance criteria. Another reform, the Advanced Ruling System, has processed 31 requests with 12 rulings issued, notably 75% of these were completed in October, following our stakeholder sensitization efforts.

“Additionally, the introduction of 24-hour cargo at major ports has significantly reduced dwell time. The completion of Nigeria’s first time release study now provides us with empirical data to measure and improve our efficiency and our enhanced risk management systems are streamlining operations while the deployment of non-intrusive inspection equipment is accelerating cargo examination while maintaining robust control”.

Adeniyi while restating the commitment of NCS to fulfilling its enforcement mandate, said that they have achieved unprecedented success in protecting both our citizens and the economy.

“The scale of our intervention is reflected in seizures valued at NGN 28.1 billion and counting in 2024 alone.

“These seizures span critical areas of national concern, from wildlife items and arms and ammunition to narcotics and pharmaceutical products.

“An important moment in our’ enforcement strategy was the declaration of a state of emergency at our major ports.

“This led to the interception of 48 containers of illicit pharmaceutical items and narcotics, significantly disrupting the flow of potentially harmful products,” he added.

The Customs Boss explained that the service will improve its operations in 205 with a vision to achieve a modern customs administration that effectively balances trade facilitation with revenue collection and security.

“As we look ahead to 2025, we have crafted an ambitious, yet attainable goal that builds on our current momentum. We aim to dramatically reduce physical inspection rates through an enhanced risk management system. We hope to fully deploy our e-customs infrastructure and expand the authorized economic operator program. Our focus extends to strengthening regional integration through improved border cooperation and deepening stakeholder engagement through regular consultative forums.”

Stakeholders at the conference agreed that there was need for multisectoral engagement to address the evolving economic headwinds facing the economy
Discussion at the conference would include revenue collection, trade facilitation, partnerships, and compliance which the NCS believe will provide insights and experiences needed to help the service refine its strategies for the coming year, particularly as it develops its next generation of customs leaders.

Olusola Akintonde

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