By Milcah Tanimu
The Nigeria Customs Service (NCS) has announced that it generated over ₦1.3 trillion in revenue during the first quarter of 2024. Adewale Adeniyi, the Comptroller General (C-G) of NCS, disclosed this during a briefing with journalists in Abuja on Wednesday.
Adeniyi highlighted that the total revenue collected in the first quarter amounted to ₦1,347,675,608,972.75. This figure represents a significant increase of 122.35% compared to the revenue collected during the same period last year, which stood at ₦606,119,935,146.67.
Providing a month-by-month analysis, Adeniyi noted the service’s impressive growth trajectory. In January 2024, revenue reached ₦390,824 billion, marking a 95.6% increase compared to January 2023. Similarly, February and March recorded growth rates of 138.68% and 132.76%, respectively, compared to the previous year.
During the quarter, the NCS seized 572 items valued at ₦10.59 billion in Duty Paid Value (DPV) and arrested 22 suspects. Notably, rice constituted 39% of the seizures, followed by petroleum products at 26%, with motor vehicles and textiles accounting for nine and six percent, respectively.
Adeniyi outlined the NCS’s commitment to addressing smuggling and enhancing enforcement capabilities through innovative strategies. These strategies include the integration of geospatial technology, satellite imagery, and Artificial Intelligence tools to monitor activities along Nigeria’s extensive borders.
Despite facing challenges such as non-compliance with regulations, infrastructure limitations, and fluctuations in exchange rates, the NCS remains focused on streamlining trade processes and optimizing efficiency across ports.
The fluctuations in exchange rates, with the Central Bank of Nigeria (CBN) issuing 28 rates in the first quarter of 2024, impacted stakeholders and revenue activities. As a result, the NCS, in collaboration with the Minister of Finance, has initiated consultations with the CBN to mitigate the potential impact of exchange rate fluctuations on import activities.