Market News

By Damilola Aina

The Nigeria Customs Service has announced that it collected a total sum of N6.105tn as revenue for the year 2024.

It said the amount represents an increase of 90.4 per cent from N3.2tn recorded in 2023, highlighting a notable growth in the service’s revenue generation efforts over the past year.

The Comptroller-General of Customs, Adewale Adeniyi, revealed this during a press conference on Tuesday, where he provided an overview of the NCS’s performance in 2024 in Abuja.

The collection, according to the CGC, has been highest in recent years when compared to the immediate corresponding years of 2022 and 2023, where the service recorded shortfalls by 14 per cent and 13 per cent of its targets, respectively.

The CGC noted that the service surpassed its 2024 revenue target of N5.07tn by 22 per cent.

The customs boss added that the service achieved its highest monthly revenue remittance in October, amounting to N603bn.

He also said the service crossed new heights of trade facilitation and revenue collection.

He said, “I am pleased to announce that the Nigeria Customs Service has again recorded another unprecedented performance in revenue collection for the year 2024.

“The Service collected a total sum of N6.105tn, surpassing our target of N5.079tn by N1.026tn, representing a 20.2 percent increase above the target

“This remarkable achievement represents a significant 90.4 percent increase from our 2023 collection of N3.206tn.

“The growth is historic as it marks the highest Year-on-Year increase recorded by the Service in recent times, surpassing the 52.24 per cent growth recorded in 2022 by 38.18 percentage points.

“Additionally, the Service achieved another milestone in October 2024 by recording the highest monthly collection ever of N603.17bn.”

Breaking down the figures, Adeniyi noted that the revenue for 2024 was composed of three key areas. The federation account collections amounted to N3.6t, which included import duty, excise duty, fees, e-auction proceeds, and CET levy. Additionally, Non-federation account levies totalled N816.9bn. The NCS also collected N1.6tn as Value Added Tax on imports.

“The total revenue collected for 2024 comprises three main components: Federation Account Collections. The sum of N3.657tn was collected into the Federation Account, consisting of Import Duty, Excise Duty, Fees, E-Auction proceeds, and CET Levy.

“Non-Federation Account Levies. A total of N816.9bn was collected as Non-Federation Account Levies. The Service collected N1.63tn as Value Added Tax on imports.

“These achievements were made possible through our continuous alignment with the policy objectives of President Bola Tinubu, under the astute guidance of the Minister of Finance and Coordinating Minister of the Economy, Olawale Edun, and the support of Management and the entire staff of Nigeria Customs Service.”

Speaking further Adeniyi revealed that the country recorded N66.34tn surplus trade in 2024.

He said in the year under review, Nigeria recorded N136.65tn exports and N60.29tn imports, an indication of N66.34tn surplus trade.

According to him, the total trade volume in 2024 was N196.94tn.

The service also granted concessions to the productive sector of the economy worth N1.68tn to boost economic activities.

It was however a reduction from the N3.959tn forfeited in 2023.

 He said, “These concessions comprised N723bn in import duty waivers, N372,65bn in other levy concessions, and N586,65bn in import VAT relief. These strategic concessions were granted to stimulate economic growth, support industrial development, and enhance the overall business environment in line with government policy objectives.

“Notably, the 2024 concession value represents a significant reduction from the N3.959tn recorded in 2023. This reduction is a direct result of our enhanced monitoring mechanisms and strategic reforms aimed at blocking loopholes and eliminating abuses in the concession-granting process, ensuring that only genuine and qualifying enterprises benefit from these incentives.