The Nigeria Customs Service (NCS) said it collected a total revenue of N1,347,675,608,972.75 in the first quarter of 2024.
The collection for the first quarter represents a substantial increase of 122.35 per cent compared to the same period last year, where N606,119,935,146.67 was collected.
This was disclosed on Wednesday in Abuja at a press briefing by the Comptroller General of Customs Bashir Adewale Adeniyi on Nigeria Customs Service 2024 first quarter performance.
Month-by-month analysis of the NCS performance for the quarter further illustrates the Service’s impressive growth trajectory.
According to the CGC, in January 2024, revenue collection surged by 95.60 per cent, reaching N390,824,148,326.55 from N199,809,974,327.52 recorded in January 2023.
This upward trend continued in February 2024, with a staggering 138.68 per cent growth, elevating revenue collection to N450,209,267,557.15 from N188,625,011,386.87 in February 2023.
By March 2024, the revenue collected by NCS revenue grew by 132.76 per cent from N217,669,949,432.28 to N506,642,193,019.05.
When compared to the Federal Government’s annual revenue target of N5.07 trillion for the NCS to collect in 2024, the target translates to a monthly revenue target of N423 billion.
CG Adeniyi said, “We are pleased to report an average monthly revenue growth of 6.2 per cent over the set monthly target and a cumulative revenue collection of 18.6 per cent, equivalent to N78,675,608,972.75 over the set quarterly target of N 1.269 trillion”.
He highlighted that in the first quarter of 2024, the NCS recorded a total of 572 seizures, encompassing various items valued at N10,593,099,654.50 in Duty Paid Value (DPV).
“Notably January saw 111 seizures amounting to N842,992,751.50 in DPV, while February marked the highest seizure numbers of 432, totalling N3,704,703,350.34. Rice constituted 39 per cent of the seizures, followed by petroleum products at 26 per cent, with motor vehicles and textiles accounting for nine per cent and six per cent 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”, Adeniyi stated.
Under Trade facilitation, the NCS in the first quarter of 2024 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 per cent 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 per cent increase.
CG Adeniyi pointed out that during the quarter, the NCS encountered several systemic challenges that impeded the Customs’ ability to fulfil its statutory responsibilities effectively.
These challenges, he noted encompassed issues related to non-compliance with regulations, infrastructure limitations, and a notable decline in cargo throughput, evidenced by a 4.89 per cent decrease in the volume of transactions handled.
Additionally, he said significant fluctuations in exchange rates applied in the customs clearance of consignments posed considerable difficulties.
“As per protocol, the exchange rate utilized by Customs in the clearance of goods via the Nigeria Integrated Customs Information System (NICIS) is based on the rate determined by the Central Bank of Nigeria (CBN).
” In the last quarter, a total of 28 rates were directed by the CBN, ranging from NGN 951.94 per USD 1 in January 2024 to a peak of NGN 1,662.35 per USD 1 in February 2024. While a singular exchange rate of NGN
951.94 per USD 1 was maintained in January, February witnessed 15 different spot rates ranging from NGN 951.94 per USD 1 to NGN 1,662.35 per USD 1. March saw a total of 13 different spot rates applied, ranging from NGN 1,303.84 to NGN 1,630.16. These fluctuations resulted in an average applied exchange rate of NGN 1,314.03 per USD 1 in the clearance of Customs goods during the quarter”, CG Adeniyi explained.
He assured that the NCS will maintain its exemplary performance, playing a pivotal role in the nation’s progress.
