WhatsApp Image at x

Customs Revenue Collection Rises By 122.35% To N1.3trn In Q1 2024 

3 weeks ago
1 min read

The Nigeria Customs Service’s revenue collection increased by 122.35 per cent to N1.3 trillion in the first quarter of 2024 against N606.1 billion it collected in first quarter (Q1) of  2023.

The Customs Controller General, Adewale Adeniyi, who made the disclosure on Wednesday, said the improved performance in revenue collection was due to dedication of NCS officers, and cooperation with stakeholders from both private and public sector.

He said: “In the first quarter of 2024, the NCS demonstrated remarkable performance in revenue collection. Total revenue collected during this period amounted to NGN 1,347,675,608,972.75. The collection for the first quarter represents a substantial increase of 122.35% compared to the same period last year, where NGN 606,119,935,146.67.

“Month-by-month analysis further illustrates the Service’s impressive growth trajectory. In January 2024, revenue collection surged by 95.60%, reaching NGN 390,824,148,326.55 from NGN 199,809,974,327.52 recorded in January 2023. This upward trend continued in February 2024, with a staggering 138.68% growth, elevating revenue collection to NGN 450,209,267,557.15 from NGN 188,625,011,386.87 in February 2023.

“By March 2024, the revenue collected by NCS revenue grew by 132.76% from NGN 217,669,949,432.28 to NGN 506,642,193,019.05.”

According to Adeniyi, NCS officers have played a key role in driving the implementation of initiatives, as shown in the performance across the three core statutory responsibilities set by the government. “Among these initiatives is the introduction of the E-auction generating a total revenue of NGN 1.6 billion in February and March.”


Customs Surpasses FG’s Monthly Revenue Collection Target.

The Federal Government had set an annual revenue target of N5 trillion for the NCS to collect in 2024.

Adeniyi said that the figure translates to N423 billion monthly revenue target, adding that the NCS has surpassed it by an average monthly revenue growth of 6.2 per cent.

“We are pleased to report an average monthly revenue growth of 6.2% over the set monthly target and a cumulative revenue collection of 18.6%, equivalent to NGN 78,675,608,972.75 over the set quarterly target of NGN 1.269 trillion.”

Victor Ezeja is a passionate journalist with six years of experience writing on economy, politics and energy. He holds a Masters degree in Mass Communication.


Follow Us

Latest from Business

Why Nigeria's Food Crisis May Last Longer

Why Nigeria’s Food Crisis May Last Longer

In Nigeria, the ominous shadow of a developing food crisis looms large, signaling not only heightened economic strain but also a danger to the nation’s stability. The persistent rise in food costs,

Don't Miss

Customs FX Rate For Import Duties Drops Again To N1,147/$ 

Customs FX Rate For Import Duties Drops Again To N1,147/$ 

The Nigeria Customs Service (NCS) has again slashed the foreign