Customs Generate N1. 347trn In First Quarter

The Nigeria Customs Service ( NCS) has said it generated a total of N1,347,675,608,972.75 in the first quarter of 2024; as well as recorded a total of 572 seizures of N10,593,099,654.50 in Duty Paid Value (DPV) within the same period.

The Comptroller General of Customs (CGC) Adewale Adeniyi, disclosed this, on Wednesday, in Abuja. Adeniyi explained that this represents 122.35%, when compared to the N606,119,935,146.67 generated within the same period last year.

The Federal government had given the NCS a revenue target of N5. 07 trillion in the fiscal year.

Regardless, the CGC said total revenue generation in the first quarter, when compared to NGN 5.07 trillion in 2024, target translates to a monthly revenue target of NGN 423 billion.

He said “in the first quarter of 2024, the NCS demonstrated remarkable performance in revenue collection. Total revenue collected during this period amounted to NGN 1,347,675,608,972.75. The collection for the first quarter represents a substantial increase of 122.35% compared to the same period last year, where NGN 606,119,935,146.67.

“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. 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.”

Furthermore, Adewale noted that the NCS, within the period under review, recorded a total of 572 seizures consisting of “various items valued at NGN 10,593,099,654.50 in Duty Paid Value (DPV).”

According to him, “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.”