Home Economy Customs generated N1.3trn in First Quarter of 2024—Adeniyi

Customs generated N1.3trn in First Quarter of 2024—Adeniyi

by Business News Report

Nigeria Customs Service (NCS), said in the first quarter of 2024, it collected a total revenue of N1,347,675,608,972.75. Comptroller General of NCS, Adewale Adeniyi, said this during the first quarter performance briefing by the service in Abuja. The collection for the first quarter, the NCS boss stated, represented a substantial increase of 122.35 per cent, compared to the same period last year, were N606,119,935,146.67. He said month-by-month analysis illustrated the service’s impressive growth trajectory, stating, “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.” 

Adeniyi explained that the 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.  He said, “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.” According to him, “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 N1.269 trillion. On suppression of smuggling, 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 NGN 842,992,751.50 in DPV, while February marked the highest seizure numbers of 432, totallingN3,704,703,350.34. 

Related Posts