The Nigeria Customs Service (NCS) announced an impressive revenue collection of ₦6.1 trillion for 2024, surpassing its target of ₦5.08 trillion by over ₦1 trillion, a 20.2% increase. This marks a historic 90.4% growth from its 2023 revenue of ₦3.21 trillion. The achievement also included the highest monthly collection ever recorded by the Service in October 2024, totaling ₦603.17 billion.
Speaking at a press briefing in Abuja, the Comptroller General of Customs, Bashir Adewale Adeniyi, attributed the success to strategic reforms, enhanced monitoring mechanisms, and alignment with national policy objectives under the leadership of President Bola Ahmed Tinubu. He highlighted that the revenue comprised ₦3.66 trillion for the Federation Account, ₦816.90 billion in Non-Federation Account Levies, and ₦1.63 trillion in Value Added Tax (VAT) on imports.
Despite granting significant concessions totaling ₦1.68 trillion to support economic growth and industrial development, the Service achieved its remarkable revenue figures. These concessions, which included import duty waivers, levy reductions, and VAT relief, represented a significant reduction from the ₦3.96 trillion concessions granted in 2023, thanks to reforms aimed at reducing abuse and ensuring genuine beneficiaries.
Looking ahead, the Customs Service has been tasked with an ambitious revenue target of ₦6.58 trillion for 2025. Adeniyi emphasized that the Service’s strategic priorities for the year align with national economic objectives and global trade trends. Plans include full deployment of trade modernization initiatives, such as the nationwide rollout of the B’Odogwu platform, and the operationalization of the Nigeria Customs Service University for Trade and Technology.
Additional projects for 2025 include the enhancement of risk management through technology integration, strengthening international partnerships under the AfCFTA framework, and the launch of transformative Corporate Social Responsibility initiatives. The Customs boss also underscored the importance of human capital development and leveraging advanced technologies, including artificial intelligence and data analytics, to improve operational efficiency.
Adeniyi expressed confidence in the dedication of Customs officers and the continued support of stakeholders, affirming that the Service is well-positioned to meet and exceed its 2025 revenue target while driving economic growth and improving service delivery.
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