The Nigeria Customs Service (NCS) has announced a mid-year ( 2024) revenue collection in the sum of N2.74 trillion, which is higher than N2.54 trillion target, the Service disclosed on Monday.
The amount collected is eight per cent higher than the targeted amount, which represents 127 per cent increase over the previous year’s revenue. Customs spokesperson, Abdullahi Maiwada, in a statement issued on Monday, confirmed the figures.
The statement said N1.395 trillion collected for the second quarter exceeded the quarterly target by 10 per cent, which represents 131 per cent increase over Q2’23.
Major drivers of the revenue surplus include the e-auction platform, which generated over N1.34 billion, and the 90-day duty payment window for uncustomed vehicles, adding N4.37 billion to the revenue.
“These measures have significantly enhanced transparency, compliance, and efficiency in customs processes, underscoring the NCS’s commitment to excellence,” the statement said. In the half year operations, the Service was said to have intensified its anti smuggling operations, resulting in notable achievements.
From January to June 2024, the NCS made 2,442 seizures with a Duty Paid Value (DPV) of N25.520 billion, which is 203 per cent higher than the DPV of seizures in the first half of 2023. In the second quarter of 2024, the NCS made 1,334 seizures with a DPV of N17.564 billion, representing a 121 per cent increase over the first quarter of 2024.
The top items seized include wildlife items, vehicles, arms and ammunition, foreign rice, pharmaceuticals, and narcotics, with 32 suspects in custody.
Trade facilitation remains a core priority for the NCS. In the first half of 2024, the Service processed 620,467 Single Goods Declarations (SGDs), reflecting a reduction of approximately 39 per cent compared to the same period in 2023. Despite this decline, the NCS has implemented several key initiatives to simplify and expedite customs processes.
These include reinforcement of NCS automation procedures, capacity-building programs for officers, and public-private partnerships to enhance customs clearance efficiency.
These efforts are crucial for enhancing Nigeria’s trade competitiveness and supporting economic growth The challenges confronting the Service in the period referenced included, significant fluctuations in the exchange rate, a lower volume of transactions, low compliance levels among importers and exporters, and periodic downtime.
