Customs Records N4.49trn Revenue In 12 Months

Source: Leadership

The Nigeria Customs Service (NCS) has disclosed that it recorded 74 percent growth in revenue collection over the past year, recording a total revenue collection of N 4.49 trillion between June 2023 and May 2024. The figure is higher than the N2.58 trillion collected during the corresponding period of the previous year.

Comptroller general of Customs Adewale Adeniyi made the disclosure yesterday as part of the achievement of the service under his watch. His appointment came during the nascent stage of the present administration when policy directives were being fine-tuned to meet the expectations of Nigerians.

"This achievement was underpinned by a sustained increase of 70.13 per cent in average monthly revenue collection compared to the previous year. NCS recorded an average monthly revenue collection of N343 billion, compared to the N202 billion monthly average. Notably, there was a substantial 122.35 percent rise in revenue collection during the first quarter of 2024 compared to the same period in the previous year," Adewale said during a media briefing to mark his first year in office.

He told journalists that the NCS has commenced an engagement with the Health Federation of Nigeria (HFN) to reduce the cost and time for medicament clearance. He said stakeholders in the trade facilitation process have reached an agreement to set up a technical working group supported by the Ministry of Finance, comprising all relevant agencies involved in the processing of medicaments.

"They also agreed to develop specific clearance procedures for medicaments and to institutionalise a platform with customs for setting up a special corridor dedicated to the clearance of healthcare products," he stated at the briefing.

The CG said he is transforming Nigeria into Africa's most efficient trading nation while decongesting areas within 4km around ports for cargo, road, and railway use.

Adewale said the customs service has moved up 33 places in the recent ranking under the Presidential Enabling Business Environment Council (PEBEC), which aims to streamline business operations in Nigeria through reforms and policies. He said NCS is now tied at the top with 4 other MDAs out of the 36 MDAs assessed, with a percentage score of 100 percent marking an 81.5 per cent increase. "This remarkable improvement is directly attributed to the trade facilitation measures implemented within the past year," he said, adding that the NCS remains committed to ensuring that all recommendations and global best practices are implemented to the highest standard.

President Tinubu had approved a 90-day window in line with a declaration of a state of emergency on revenue collection that allowed owners of uncustomed vehicles to pay appropriate duties on previously imported vehicles.

He said N2.79 billion was within the 90-day window for regularisation of the documents of uncustomed vehicles. On June 13, 2024, NCS recorded a daily all-time high of N58.5 billion in revenue collection.

He said NCS is working closely with relevant stakeholders to ensure that the implementation of trade agreements like the African Continental Free Trade Area (AfCFTA) yields the desired benefits to Nigerians.