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The Customs Department Reports Revenue of N1.3 Trillion in First Quarter of 2024

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It has been revealed by the Nigeria Customs Service that they have amassed over N1.3 trillion in revenue during the initial quarter of 2024.

During a briefing in Abuja on Wednesday, the Comptroller General of NCS, Adewale Adeniyi, shared this information with journalists.

Adeniyi stated, “The total revenue amassed in this period reached N1,347,675,608,972.75.

Comparing this to the same quarter last year, where N606,119,935,146.67 was collected, there has been a significant surge of 122.35% in collection,” he added.

Breaking it down further, he pointed out the monthly growth patterns, emphasizing the substantial increase in revenue recorded in January 2024 compared to January 2023.

February and March also saw impressive growth percentages of 138.68% and 132.76% respectively, compared to the previous year.

Within the first quarter, there were 572 seizures amounting to N10.59 billion in Duty Paid Value (DPV) and 22 individuals were apprehended, with rice making up 39% of the seized items.

Adeniyi affirmed the service’s commitment to combat smuggling and ensure the safety of its personnel during operations, utilizing advanced strategies such as Geographic Information System.

He elaborated on the integration of geospatial technology, satellite imagery, and Artificial Intelligence to enhance border monitoring capabilities.

Furthermore, he discussed the implications of the Central Bank of Nigeria’s 28 rate directives on customs clearance activities, with an average applied exchange rate of NGN 1,314.03 per dollar during the quarter.

The service has initiated consultations with the CBN to address the disruptions caused by exchange rate fluctuations on stakeholders and revenue activities.

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