The Nigeria Customs Service (NCS) has achieved an unprecedented milestone, collecting a staggering ₦6.1 trillion in revenue for 2024, a 20.2% increase above its initial target of ₦5.1 trillion.
This was disclosed by the Comptroller-General of Customs, Bashir Adewale Adeniyi, during a press briefing in Abuja. He hailed the accomplishment as a significant leap, describing it as the highest year-on-year revenue increase in the service’s history.
“This growth is historic,” Adeniyi declared. “It marks a 90.4% rise from our 2023 revenue of ₦3.2 trillion. It also far surpasses the 52.24% growth recorded in 2022, highlighting the strategic strides we’ve made to enhance revenue collection.”
Record-Breaking Monthly Collections
Among the year’s highlights was October 2024, when the NCS collected an unprecedented ₦603 billion in a single month, setting a new record for monthly revenue in the agency’s history.
The total revenue for 2024 was categorized into three main components:
- Federation Account Collections: ₦3.66 trillion.
- Non-Federation Levies: ₦816.90 billion.
- Value-Added Tax (VAT): ₦1.63 trillion.
Adeniyi noted that these achievements were made possible despite significant concessions granted to stimulate the economy.
“We granted concessions totaling ₦1.68 trillion, including ₦723 billion in import duty waivers, ₦372.7 billion in other levies, and ₦586.7 billion in import VAT relief. These measures were crucial for supporting industrial development and fostering economic growth,” he explained.
Strategic Reforms Drive Results
The reduction in concession values from ₦3.96 trillion in 2023 to ₦1.68 trillion in 2024 was attributed to enhanced monitoring and reforms implemented by the service. Adeniyi emphasized that these measures ensured that only legitimate businesses benefited from the incentives, effectively curbing abuse.
“These reforms underscore our commitment to transparency and efficiency,” he said. “The reduction reflects our strategic efforts to block loopholes and ensure only qualified enterprises access these concessions.”
Ambitious Goals for 2025
Buoyed by its 2024 success, the Federal Government has raised the NCS’s 2025 revenue target to ₦6.58 trillion, signaling confidence in the agency’s capabilities.
“This target reflects the government’s trust in our expanding operations,” Adeniyi said. “We approach this challenge with determination, building on our 2024 achievements and leveraging advanced tools to enhance our capabilities.”
The NCS plans to prioritize trade modernization, including the nationwide rollout of its new Unified Customs Management System software, B’Odogwu, which was inaugurated in 2024.
“This software automates operations and aligns with international standards, boosting trade facilitation across Nigeria,” Adeniyi noted.
Future Initiatives
Looking ahead, the NCS has outlined a series of initiatives to further enhance its operations:
- Full Deployment of the Authorised Economic Operator (AEO) Programme: This initiative aims to simplify trade for certified businesses, reducing delays and costs.
- Technology-Driven Risk Management: The NCS will enhance its enforcement capabilities by integrating advanced technologies.
- Nigeria Customs Service University for Trade and Technology: The operationalization of this institution will train personnel to tackle emerging challenges.
- Strengthened International Partnerships: Collaborations under the African Continental Free Trade Area (AfCFTA) framework will improve trade facilitation and revenue generation.
- Corporate Social Responsibility (CSR): A robust CSR strategy will align with presidential priorities and sustainable development goals, focusing on community engagement and development.
Implications for Nigeria’s Economy
Experts believe that the NCS’s achievements will have far-reaching implications for Nigeria’s economy. By exceeding its target, the service has bolstered government revenue, providing critical funding for infrastructure, education, and healthcare.
“This record-breaking revenue is a testament to the Customs’ commitment to efficiency and innovation,” said Dr. Adeola Ogunleye, an economist based in Lagos. “Their success sets a benchmark for other government agencies striving to improve performance.”
A Stronger, More Transparent NCS
Under Adeniyi’s leadership, the NCS has emerged as a model of transparency and innovation. By prioritizing reforms, technology, and international standards, the service is not only improving revenue collection but also fostering trust among stakeholders.
“We are determined to continue building a stronger, more transparent Nigeria Customs Service,” Adeniyi affirmed. “Our vision is to align with global best practices while supporting national development.”
