Wednesday, April 17, 2024
Advertisement Topt


Advertisement lead

Customs collected N1.3trn revenue in Q1 2024, says Adeniyi

Customs collected N1.3trn revenue in Q1 2024, says Adeniyi
April 03
18:36 2024

The Nigeria Customs Service (NCS) says it collected more than N1.3 trillion in revenue in the first quarter of 2024.

Adewale Adeniyi, comptroller general of NCS, spoke in Abuja during a press briefing on its activities in the first quarter of 2024 on Wednesday.

“The total revenue collected during this period amounted to N1,347,675,608,972.75,” Adeniyi said.

“The collection for the first quarter represents a substantial increase of 122.35 percent compared to the same period last year, where N606,119,935,146.67 was collected.”


Adeniyi said the month-by-month analysis showcases the remarkable growth trend of the service in January 2024, with revenue reaching N390,824 billion, compared to N199.81 billion in January 2023.

He said revenue rose by 138.68 percent in February and 132.76 percent in March.

Adeniyi said during the quarter being assessed, the service documented 572 seizures of various items valued at N10.59 billion in duty paid value (DPV), with 22 suspects arrested,


According to the comptroller general, rice comprised 39 percent of the seizures, while petroleum products constituted 26 percent.

He added that motor vehicles made up nine percent, and textiles accounted for six percent of the total seizures.

The comptroller general reiterated the service’s commitment to tackling smuggling and ensuring the safety of its personnel during operations in border communities by enhancing anti-smuggling tactics, including the integration of geographic information system technology.

“One notable initiative is the integration of geospatial technology alongside the utilisation of satellite imagery and Artificial Intelligence tools and techniques,” he said.


“These efforts were initiated upon my assumption of office to combat the longstanding issue of smuggling and enhance the NCS’s enforcement capabilities for effective monitoring of our extensive 4,000 km borders.

“Additionally, this initiative will establish a command and control center to monitor activities along our borders comprehensively.”

Adeniyi said despite a decrease in import transaction volume in the first quarter, the service is focused on streamlining trade processes to tackle obstacles and enhance efficiency at ports, aiming for smoother trade transactions.

According to the comptroller general, the service also faced various systemic issues concerning non-adherence to regulations, infrastructure constraints, and notable fluctuations in exchange rates utilised for clearing shipments.


He said in the first quarter of 2024, the Central Bank of Nigeria (CBN) issued 28 rate directives, leading to fluctuations that resulted in an average applied exchange rate of N1,314.03 per US dollar for customs clearance.

Adeniyi said the fluctuations affected and disrupted the activities of Customs stakeholders and the potential of its revenue.


The comptroller general said NCS, in collaboration with Wale Edun, minister of finance, has commenced regular consultations with the CBN to alleviate the potential effects of exchange rate fluctuations on import operations.


Click on the link below to join TheCable Channel on WhatsApp for your Breaking News, Business Analysis, Politics, Fact Check, Sports and Entertainment News!



No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment

error: Content is protected from copying.