Customs records N4.4trn revenue in 1yr

The Comptroller-General of the Nigeria Customs Service (NCS), Adewale Adeniyi, has revealed that in the last one year, the organisation has recorded a 74 per cent revenue growth, amounting to N4.9 trillion. Adeniyi made the disclosure on Wednesday in Abuja during a press conference to mark his one-year in office. He said, “The NCS reported […]

The Comptroller-General of the Nigeria Customs Service (NCS), Adewale Adeniyi, has revealed that in the last one year, the organisation has recorded a 74 per cent revenue growth, amounting to N4.9 trillion.

Adeniyi made the disclosure on Wednesday in Abuja during a press conference to mark his one-year in office.

He said, “The NCS reported a remarkable 74 per cent growth in revenue collection over the past year, recording a total revenue collection of N 4.49 trillion between June 2023 and May, 2024, compared to the N 2.58 trillion collected during the corresponding period of the previous year.

“This achievement was underpinned by a sustained increase of 70.13 per cent in average monthly revenue collection compared to the previous year.

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“The NCS recorded an average monthly revenue collection of N 343 billion, compared to the N 202 billion monthly average. Notably, there was a substantial 122.35 per cent rise in revenue collection during the first quarter of 2024 compared to the same period in the previous year.

“Also, we recovered N 2.79 billion from the 90-day window for the regularisation of the documents of uncustomed vehicles, as well as another N 1.5 billion from the decongestion of 1,705 overtime containers and 981 vehicles from the port.

“It is also worthy to note that on June 13, 2024, the NCS recorded a daily all-time-high of N 58.5 billion in revenue collection.”

Answering enquiries on trade facilitation he said, “The Service has succeeded in the decongestion of ports and reopening of previously inaccessible access roads.”

On a stable exchange rate, he said, “With the support of the minister of finance, the NCS is working in close collaboration with the Central Bank of Nigeria to achieve a stable rate for importation of goods to enable businesses plan activities.”