The Nigeria Customs Service (NCS) on Tuesday released its 2024 performance report showing a whopping duty collection of N6.1 trillion.
The sum is the highest in the history of the Service and represents 90.4% increase from N3.2 trillion generated in 2023.
The figure is also 20% higher than the N5 trillion target handed to trade facilitating agency by the Federal Government in January 2024.
Giving the report at the NCS headquarters in Abuja on Tuesday, the Comptroller-General of Customs, Bashir Adewale Adeniyi remarked that the impressive performance was achieved despite significant concessions granted to support various sectors of the economy, totalling ₦1.68 trillion.
He said: “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 ₦6,105,315,543,489.50 (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 ₦5,079,069,866,085.50 by ₦1,026,245,677,404.00, representing a 20.2% increase above the target.
“This remarkable achievement represents a significant 90.4% increase from our 2023 collection of ₦3,206,583,002,675.65. The growth is historic as it marks the highest Year-on-Year increase recorded by the Service in recent times, surpassing the 52.24% growth recorded in 2022 by 38.18 percentage points. Additionally, the Service achieved another milestone in October 2024 by recording the highest monthly collection ever of ₦603,171,859,991.97.”
According to the CG, the total revenue collected for 2024 comprised three main components which saw the Service raking the Federation Account the sum of ₦3.65 trillion consiating of Import Duty, Excise Duty, Fees, E-Auction proceeds, and CET Levy. The second component which is the Non-Federation Account Levies, a total of ₦816.9 billion was collected, while the third component — Value Added Tax (VAT) on imports produced ₦1.63 trilion revenue.
“It is pertinent to note that these collections were achieved despite significant concessions granted to support various sectors of the economy, totalling ₦1,682,302,648,880.67. These concessions comprised ₦723,000,081,776.68 in import duty waivers, ₦372,649,650,951.72 in other levy concessions, and ₦586,652,916,152.27 in import VAT relief,” the Customs boss noted.
He explained that these strategic concessions were granted to stimulate economic growth, support industrial development, and enhance the overall business environment in line with government policy objectives.
Notably, Adeniyi said the 2024 concession value represented a significant reduction from the ₦3.96 trillion recorded in 2023, hinting that this reduction was a direct result of enhanced monitoring mechanisms and strategic reforms aimed at blocking loopholes and eliminating abuses in the concession granting process, ensuring that only genuine and qualifying enterprises benefit from these incentives.
“These achievements were made possible through our continuous alignment with the policy objectives of His Excellency, President Bola Ahmed Tinubu, under the astute guidance of the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Olawale Edun, and the support of Management and the entire staff of Nigeria Customs Service,” he said..
