Market News

By Philip Shimnom Clement

The Comptroller General of the Nigeria Customs Service (NCS), Adewale Adeniyi has disclosed that the Service collected N6.1 trillion in revenue in 2024.

Adeniyi made the disclosure in Abuja during a press briefing on its 2024 performance on Tuesday.

According to the CG, the figure represents an increase of N2.9 trillion or 90.4 per cent compared to the N3.2 trillion recorded in 2023.

He said “In the year 2024, we collected a total sum of N6.1 trillion as the performance surpassed our target of N5.07 trillion by N1.026 trillion, which represents a 22 percent increase over and above our target for 2024.

“This achievement represents a significant 90.4 percent increase from our 2023 collection of N3.2 trillion.

“The total 2024 revenue collected comprises three main components. The first was the federation accounts and we had about N3.6 trillion. The second was the non-federation accounts levies where we had N816.9 billion and the third component was the value-added tax where we collected N1.6 trillion,” he explained.

Speaking further, Adeniyi mentioned that these collections were achieved despite significant concessions granted to support various sectors of the economy in 2024, which amounted to N1.68 trillion.

Speaking further, Adeniyi added that “Consolidating on its 2024 achievements, the federal government has now placed an N8 trillion target on the Service for the year 2025.

To achieve the target, he said “The Service will deploy its revenue collection technology, which was developed in the last quarter of 2024 through the Trade Modernisation Project called ‘Odogwu’”.

Responding to Daily Trusts enquiry on implementation of the 150 day free import policy on food items by the federal government,  the CG noted that “So far, implementation is going as large quantity of husked rice was imported into the country in December,” adding that “The Ministry of Finance will subsequently publish the names of importers who have benefited from the policy and other details.”