The Nigeria Customs Service (NCS) says it has exceeded its 2024 revenue target of N5.1 trillion by 20.2 per cent.
The Comptroller-General (C-G) of NCS, Adewale Adeniyi, disclosed this while briefing newsmen on Tuesday in Abuja. Adeniyi said that NCS recorded a total revenue of N6.1 trillion in 2024, surpassing its target by N1.03 trillion. “This remarkable achievement represents a significant 90.4 percent increase from our 2023 collection of N3, 206,583,002,675.65.
“The growth is historic as it marks the highest Year on-Year increase recorded by the Service in recent times, surpassing the 52.24 percent growth recorded in 2022 by 38.18 percentage points” The NCS CG said.
He added, “Additionally, the Service achieved another milestone in October 2024 by recording the highest monthly collection ever of N603,171,859,991.97.
He described the achievement as significant, representing an increase of 90.4 per cent from its 2023 collection of N3.2 trillion.” “This growth is historic as it marks the highest year-on-year increase recorded by the service in recent times. It surpassed the 52.24 per cent growth recorded in 2022 by 38.18 per cent,” he said.
He said the NCS recorded another milestone in October 2024, achieving its highest monthly collection in the history of the service of N603 billion.
According to the C-G, the total revenue collected for 2024 is categorised into three main components. “The components include federation account collections, which amount to N3.66 trillion; non-federation account levies, N816.90 billion; and Value-Added Tax (VAT), N1.63 trillion. “It is pertinent to note that these collections were achieved despite significant concessions granted to support various sectors of the economy, totalling N1.68 trillion.
“These concessions comprised N723 billion in import duty waivers, N372.7 billion in other levy concessions, and N586.7 billion in import VAT relief. “These strategic concessions were granted to stimulate economic growth, support industrial development, and enhance the overall business environment in line with government policy objectives.
“Notably, the 2024 concession value represents a significant reduction from the N3.96 trillion recorded in 2023, “he said. The C-G explained that the reduction was the result of enhanced monitoring mechanisms and strategic reforms aimed at blocking loopholes and eliminating abuses in the concession granting process.
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