Customs On Track to Shatter 2024 Revenue Target with ₦4 Trillion Haul

The Nigerian Customs Service (NCS) is on track to surpass its 2024 revenue target, having collected over ₦4.07 trillion by the end of the third quarter (Q3’24), according to data. This represents a 7.6% increase above the prorated target of ₦3.81 trillion set by the Federal Government for the period.

Customs officials suggest that the strong performance in Q3’24 has set the stage for exceeding the full-year revenue target of ₦5.1 trillion. With an outstanding balance of ₦981.9 billion needed for the fourth quarter (Q4’24), there is optimism that the service will meet and potentially surpass the 2024 goal.

This success is attributed to a new operational model and enhanced morale among the workforce, introduced by the Comptroller General, Adewale Adeniyi. The reforms have significantly improved efficiency within the service.

Revenue collection data for 2024 shows a robust performance across all months, with September alone bringing in ₦423.2 billion, compared to ₦320.9 billion in September 2023. A detailed breakdown reveals significant year-on-year growth in every month:

• January 2024: ₦390.8 billion (vs. ₦199.8 billion in January 2023)
• February 2024: ₦450.2 billion (vs. ₦88.6 billion in February 2023)
• March 2024: ₦506.6 billion (vs. ₦217.6 billion in March 2023)
• April 2024: ₦459.2 billion (vs. ₦172.1 billion in April 2023)
• May 2024: ₦459 billion (vs. ₦214.7 billion in May 2023)
• June 2024: ₦464.6 billion (vs. ₦234 billion in June 2023)
• July 2024: ₦569 billion (vs. ₦314.1 billion in July 2023)
• August 2024: ₦475.5 billion (vs. ₦372.1 billion in August 2023)

The upward trend in revenue collection suggests that the NCS is well-positioned to deliver a record-breaking performance in 2024, further enhancing its contribution to Nigeria’s fiscal landscape.