The Nigeria Customs Service (NCS) achieved an unprecedented milestone in 2024, collecting a total revenue of N6,1 trillion.
This marks the highest revenue ever recorded by the Service, surpassing its 2024 target of N5.08 trillion by N1.03 trillion representing a 20.2% increase above the target.
The announcement was made by Bashir Adewale Adeniyi, Comptroller-General of Customs, on January 14, 2025, during a press briefing at the NCS Corporate Headquarters in Maitama, Abuja, as contained in a statement on the Service’s official Facebook page.
“Distinguished ladies and gentlemen, I am pleased to announce that the Nigeria Customs Service has again recorded another unprecedented performance in revenue collection for the year 2024. The Service collected a total sum of N6,105,315,543,489.50 (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 N5,079,069,866,085.50 by N1,026,245,677,404.00, representing a 20.2% increase above the target,” Adeniyi said.
According to Customs C-G, the 2024 revenue figure also represents a remarkable 90.4% increase from the N3.21 trillion collected in 2023. He described this growth as historic, noting that it far exceeded the 52.24% year-on-year increase recorded in 2022 by an additional 38.18 percentage points.
The Service also achieved another significant milestone in October 2024, recording its highest-ever monthly revenue of N603.17 billion.
More insight
C-G Adeniyi shed more light on the revenue components of the Nigeria Customs Service for 2024, highlighting three main categories:
- Federation account collections: The sum of N3.66 trillion was collected, including import duty, excise duty, fees, e-auction proceeds, and CET levy.
- Non-federation account levies: A total of N816.90 billion was collected under this category.
- Value Added Tax (VAT): The Service collected N1.63 trillion in VAT on imports.
Adeniyi highlighted that these collections were achieved despite granting significant concessions totaling N1.68 trillion to support various sectors of the economy.
- These included N723 billion in import duty waivers, N372.65 billion in other levy concessions, and N586.65 billion in import VAT relief.
- He explained that the 2024 concession value was notably reduced from N3.96 trillion in 2023, a direct result of enhanced monitoring mechanisms and strategic reforms aimed at blocking loopholes and ensuring only qualified enterprises benefited from the incentives.
- The Comptroller-General attributed the remarkable achievements to the continuous alignment of the NCS with the policy objectives of President Bola Ahmed Tinubu, under the guidance of the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Olawale Edun.
He also commended the dedication of the NCS management and staff for their contributions to this historic performance.
