Customs Rakes-In N6.1 Trillion Into Govt Coffers In 2024
. Nigeria Exports Rises From N42.7 Trillion To N136.6 Trillion
. Imports Hit N60.29 Trillion
By Sulaimon Salau
The Nigerian Customs Services (NCS) has declared total revenue of N6.1 Trillion contributed to the Federal Government coffers in 2024.
This remarkable feat, according the to Comptroller-General of Customs, Bashir Adewale Adeniyi, surpassed the target of ₦5 trillion by for the year, representing a 20.2% increase above the target.
Adeniyi, who revealed this during a press conference held in Abuja today (Tuesday), said, “this remarkable achievement represents a significant 90.4% increase from our 2023 collection of ₦3.2 trillion,”
He said: “The growth is historic as it marks the highest Year-on-Year increase recorded by the Service in recent times, surpassing the 52.24% 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 ₦603.1 billion,”
Adeniyi said the achievements were made possible through continuous alignment with the policy objectives of President Bola Ahmed Tinubu, under the astute guidance of the Minister of Finance and Coordinating Minister of the Economy, Mr. Olawale Edun, and the support of management and the entire staff of Nigeria Customs Service.
According to him, the total revenue collected for 2024 comprises three main components which include: The sum of ₦3,657,063,981,445.42 collected into the Federation Account, consisting of Import Duty, Excise Duty, Fees, E-Auction proceeds, and CET Levy; A total of ₦816,902,844,844.73 was collected as Non-Federation Account Levies; and The ₦1,631,348,717,199.35 collected as VAT on imports.
Noting that trade performance data for 2024 reflects significant growth in trade value despite global economic headwinds, he said the NCS processed imports with a Cost, Insurance, and Freight (CIF) value of ₦60.29 trillion in 2024.
The export trade performance was described as equally impressive, with the total CIF value rising significantly to ₦136.65 trillion in 2024 from ₦42.77 trillion in 2023.
The Customs boss said the total trade value handled by the Service in 2024 amounted to ₦196.94 trillion, compared to ₦70.50 trillion in 2023, representing a 179.3% increase.
During the period he said the Service successfully implemented various measures to enhance operational efficiency through modern procedures enabled by the new NCS Act, which includes: Advanced Ruling System; Authorized Economic Operator (AEO) Programme; Time Release Study and International Partnerships; Technological Infrastructure Advancement; Support for SMEs and Export Trade Facilitation and Stakeholder Engagement Initiatives.
During the year, he said the NCS strategies to the evolving security challenges resulted in the 3,555 seizures with a dramatic 100.92% increase in the Duty Paid Value (DPV) of seizures from ₦17.56 billion in 2023 to ₦35.29 billion in 2024.
He added that these seizures, with a Cost, Insurance, and Freight (CIF) value of ₦28.46 billion and total duty of ₦6.83 billion, highlights the scale of attempted economic sabotage prevented by the Service.
To further strengthen its enforcement capabilities, Adeniyi said the Service is actively expanding its technological infrastructure through the integration of geo-spatial technology and other cutting-edge solutions.
“These technological advancements, coupled with capacity building and enhanced intelligence gathering mechanisms, will significantly boost our surveillance and enforcement operations. The integration of these modern tools with our existing frameworks is a strategic investment in the future of customs enforcement, to ensure that we stay ahead of emerging threats as we continue to facilitate legitimate trade,” he stated.
