The Nigeria Customs Service stated on Wednesday that its revenue climbed 74% to N4.49 trillion between June 2023 and May 2024, compared to the same period the previous year.
This was disclosed by the Comptroller-General of Customs, Adewale Adeniyi, in Abuja, while offering an analysis of the NCS’s performance over the previous year under his leadership of the government revenue-generating agency, according to The Punch.
Adeniyi said “Exactly one year ago today, and approximately three weeks into the inauguration of President Bola Tinubu, I was appointed by Mr President as the Comptroller-General of this strategic agency, the NCS.
“The NCS reported a remarkable 74 per cent growth in revenue collection over the past year, recording a total revenue collection of N 4.49tn between June 2023 and May 2024, compared to the N2.58tn collected during the corresponding period of the previous year.”
This milestone, he said was “underpinned by a sustained increase of 70.13 per cent in average monthly revenue collection compared to the previous year. NCS recorded an average monthly revenue collection of N343bn, compared to the N202bn 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. These gains were attributed to various strategic initiatives.”
The NCS boss stated that the initiatives include the N15 billion recovered by the Revenue Review Performance Recovery Exercise, the N2.79 billion recovered from the 90-day window for the regularisation of uncustomed vehicle documents, and the N1.5 billion recovered from the port’s decongestion of 1,705 overtime containers and 981 vehicles.
“It is also worthy to note that on June 13, 2024, NCS recorded a daily all-time-high of N58.5bn in revenue collection,” he said.
On exchange rate issues, he said, “With the support of the Minister of Finance, NCS is working in close collaboration with the Central Bank of Nigeria to achieve a stable rate for import of goods to enable businesses to plan their activities.
“On compliance with customs laws, the service is constantly reviewing its processes in line with the Nigeria Customs Service Act 2024 to ensure that leakages are blocked and offenders of customs laws are made to face the full penalty and the wrath of the law.
“On customs modernisation, the NCS is engaging relevant stakeholders to ensure that the deliverable of the customs modernisations are met as the service continues to phase out manual processes with automation.”
