Market News
BREAKING: Customs revenue collection hits N5.7tn, exceeds annual target - PUNCH
By Anozie Egole
The Nigeria Customs Service has announced that it collected N5.7 trillion in revenue as of Tuesday, 12 November 2024.
The Comptroller-General of Customs, Adewale Adeniyi, disclosed this on Wednesday at the ongoing 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 capacity to achieve more for the economy.
“Our strategic engagements and collaborative approaches have yielded remarkable results across our core statutory responsibilities. I am pleased to announce that, as of 12 November 2024 at exactly 13:10 Hrs, the NCS hit its 2024 revenue target of NGN 5.07tn, collecting NGN5.079tn with more than a month remaining in the fiscal year,” Adeniyi said.
Discussing the service’s strides in trade facilitation, Adeniyi noted that six beneficiaries of the Authorised Economic Operators programme have been carefully selected.
He added that 21 requests have been processed under an advance ruling programme aimed at fostering quicker customs decision-making on import and export cargoes prior to their arrival at the ports.
The Comptroller-General also highlighted that the service’s time release study has advanced the drive towards 24-hour cargo clearance and reduced dwell time at the ports.
Adeniyi praised Operation Whirlwind, a joint initiative guided by the Office of the National Security Adviser and supported by the Nigerian Midstream and Downstream Petroleum Regulatory Agency, aimed at curbing fuel smuggling.
Details later…
