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Economy

Revenue: Customs Collects ₦5.7 Trillion, Surpasses 2024 Target

The Nigeria Customs Service (NCS) announced that it collected ₦5.7 trillion in revenue as of Tuesday, November 12, 2024.

Comptroller-General of Customs, Adewale Adeniyi, disclosed this on Wednesday at the 2024 Comptroller-General of Customs Conference in Abuja. The conference is themed, “Nigeria Customs Service: Engaging Traditional and New Partners with Purpose.”

Adeniyi expressed optimism about the service’s growing impact on Nigeria’s economy, attributing the success to strategic engagements and collaborative approaches.

“Our efforts have yielded remarkable results across our core statutory responsibilities. I am pleased to announce that, as of November 12, 2024, at exactly 13:10 hours, the NCS surpassed its 2024 revenue target of ₦5.07 trillion, collecting ₦5.079 trillion, with more than a month remaining in the fiscal year,” Adeniyi said.

He further highlighted the service’s progress in trade facilitation. According to him, six beneficiaries have been selected under the Authorised Economic Operators programme, while 21 requests have been processed through an advance ruling programme designed to speed up customs decisions on imports and exports before they arrive at the ports.

The Comptroller-General also emphasized that a recent time-release study has advanced the NCS’s push for 24-hour cargo clearance, contributing to reduced dwell times at the ports.

In addition, Adeniyi praised “Operation Whirlwind,” a joint initiative led by the Office of the National Security Adviser and supported by the Nigerian Midstream and Downstream Petroleum Regulatory Agency, aimed at combating fuel smuggling.

More details to follow…

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