By Chimezie Godfrey
The Nigeria Customs Service (NCS) has once again set a new benchmark in revenue collection for the country, recording an unprecedented total of ₦6,105,315,543,489.50 for the year 2024. This remarkable achievement represents a 20.2% increase over its target of ₦5,079,069,866,085.50, surpassing it by ₦1,026,245,677,404.00.
The NCS’s performance for 2024 marks a historic shift, as it reflects a staggering 90.4% increase compared to the previous year’s total of ₦3.2 trillion. This surge in revenue marks the highest year-on-year growth for the Service in recent years, surpassing the 52.24% increase recorded in 2022 by an impressive margin of 38.18 percentage points.
Comptroller-General of the Nigeria Customs Service, Bashir Adewale Adeniyi, highlighted the significant strides made by the Service while briefing newsmen in Abuja on Tuesday.
Adeniyi stated, “Nigeria Customs Service has again recorded another unprecedented performance in revenue collection for the year 2024. The Service collected a total sum of ₦6,105,315,543,489.50 (Six Trillion, One Hundred and Five Billion, Three Hundred and Fifteen Million, Five Hundred and Forty-Three Thousand, Four Hundred and Eighty-Nine Naira, Fifty Kobo), surpassing our target of ₦5,079,069,866,085.50 by ₦1,026,245,677,404.00, representing a 20.2% increase above the target.
“This remarkable achievement represents a significant 90.4% increase from our 2023 collection of ₦3,206,583,002,675.65. The growth is historic as it marks the highest Year-on-Year increase recorded by the Service in recent times, surpassing the 52.24% growth recorded in 2022 by 38.18 percentage points. Additionally, the Service achieved another milestone in October 2024 by recording the highest monthly collection ever of ₦603,171,859,991.97.
“This achievement is a testament to the resilience and capacity of the Nigeria Customs Service to meet and surpass expectations, even amidst a challenging economic landscape. The revenue collected was driven by a combination of key factors, including enhanced compliance, strategic reforms, and the effective enforcement of trade policies.”
Adeniyi went on to explain that the revenue collected was derived from three main sources: ₦3.66 trillion contributed to the Federation Account from Import Duty, Excise Duty, Fees, E-Auction proceeds, and the CET Levy; ₦816.9 billion from Non-Federation Account Levies; and ₦1.63 trillion from Value Added Tax (VAT) on imports. He also noted that these collections were achieved despite substantial concessions totaling ₦1.68 trillion, which were granted to stimulate economic growth and support various sectors of the economy.
“Despite granting these concessions, which included import duty waivers and VAT reliefs, we have managed to significantly reduce the scope for abuses, ensuring that only qualifying businesses benefit from these incentives. This has been a result of our stronger monitoring mechanisms and strategic reforms,” Adeniyi emphasized.
The Comptroller-General also pointed to the exceptional monthly revenue collection in October 2024, which recorded the highest-ever monthly revenue for the NCS, totaling ₦603.17 billion.
He attributed the success to the ongoing support and guidance from President Bola Ahmed Tinubu’s administration, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Olawale Edun, as well as the dedicated efforts of the entire NCS workforce.
Adeniyi revealed that the Nigeria Customs Service has set its sights on an ambitious target of ₦6.58 trillion in revenue collection for 2025, expressing confidence in the Service’s ability to meet this new challenge. According to him, the 2024 revenue collection of ₦6.1 trillion marked a 20.2% surplus above the target, setting a strong foundation for the year ahead.
He outlined several strategic priorities for 2025 that will guide the Service’s operations. Key among them are the full deployment of the B’Odogwu platform for trade modernization, the completion of the Authorized Economic Operator (AEO) programme, and the enhancement of risk management capabilities through technology.
He also highlighted plans for the operationalization of the Nigeria Customs Service University for Trade and Technology and the strengthening of international partnerships under the African Continental Free Trade Area (AfCFTA) framework.
The Comptroller-General noted that several transformative projects are expected to be completed or initiated in 2025. These include the full operationalization of the new Corporate Headquarters, the deployment of additional scanning systems at key ports, and the launch of a comprehensive Corporate Social Responsibility (CSR) program. These projects, combined with continued investments in digital transformation and process automation, will further enhance NCS’s operational capabilities and service delivery.
Adeniyi stressed the importance of digital and technological advancements, including the expansion of geo-spatial surveillance and the integration of artificial intelligence in risk management. These initiatives will be complemented by investments in human capital development and infrastructure improvement, ensuring that the NCS remains agile and effective in meeting its revenue targets and national economic goals.
In closing, Adeniyi expressed gratitude to President Bola Ahmed Tinubu for his continued support and strategic guidance, as well as to the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Olawale Edun, for his ongoing supervision.
He reiterated that with the dedication of the NCS workforce and the support of stakeholders, the Service is poised to exceed expectations and achieve its targets for 2025.
