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The Nigeria Customs Service Records N1.3 Trillion Revenue during the First Quarter of 2024

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Announcing a significant achievement, the Nigeria Customs Service has declared a revenue generation of N1.3 trillion for the initial quarter of 2024.

According to the Comptroller General of Customs, Adewale Adeniyi, a total of 572 seizures were conducted during this period, with a duty-paid value of N10 billion.

Addressing the press in Abuja on Wednesday, Adeniyi stated, “During the first quarter of 2024, the NCS showcased exceptional performance in revenue collection. The total revenue amassed reached NGN 1,347,675,608,972.75. This marks a substantial 122.35% surge compared to the corresponding period last year, where NGN 606,119,935,146.67 was generated.

“In comparison to the Federal Government’s annual revenue target of NGN 5.07 trillion for the NCS in 2024, this translates to a monthly revenue target of NGN 423 billion.”

Adeniyi also disclosed that N1.6 billion was garnered through the electronic auction platform launched in the first quarter of the year.

However, the Customs chief highlighted a major obstacle encountered due to the fluctuations in the exchange rate regime, which disrupted operations.

He explained, “In the preceding quarter, the CBN directed a total of 28 rates, starting from NGN 951.94 per USD 1 in January 2024 to a peak of NGN 1,662.35 per USD 1 in February 2024. While January maintained a single exchange rate of NGN 951.94 per USD 1, February witnessed 15 varying spot rates from NGN 951.94 per USD 1 to NGN 1,662.35 per USD 1.

“Throughout March, 13 diverse spot rates were applied, ranging between NGN 1,303.84 and NGN 1,630.16. These variations led to an average applied exchange rate of NGN 1,314.03 per USD 1 for customs goods clearance during the quarter.

“The implications of these fluctuating rates have raised concerns among our stakeholders, impacting and disrupting operations.”

Adeniyi, however, expressed satisfaction with the recent stability and mentioned that the Service, in collaboration with the Minister of Finance, Wale Edun, has initiated frequent consultations with the central bank to alleviate the potential effects of exchange rate fluctuations on import activities.”

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