The Nigeria Customs Service (NCS) has announced that it has not only met but exceeded its revenue target for the year 2024. The Comptroller General of Customs, Adewale Adeniyi, revealed during the 2024 Comptroller General Conference in Abuja that the NCS collected an impressive N5.79 trillion by November 12, surpassing the set target of N5.079 trillion with over a month still left in the fiscal year.
This milestone comes at a critical time when Nigeria is seeking to bolster its economic recovery, highlighting the Customs Service’s pivotal role in national revenue generation. The achievement is attributed to several strategic initiatives:
Enhanced Trade Facilitation: The NCS has significantly modernized its operations through automation and improved ICT infrastructure. This has streamlined processes, making trade across Nigerian borders more efficient and less prone to delays, thereby encouraging legitimate trade and increasing revenue.
The service’s focus on revenue recovery has yielded an additional N8 billion during the reported period, showcasing a robust commitment to collecting all due revenues, including those previously uncollected or underpaid.
According to the service, with 1,763 seizures over the past eight months, valued at N11.9 billion in Duty Paid Value, the NCS has effectively tackled smuggling, which not only aids in revenue collection but also protects the national economy from the adverse effects of contraband.
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Adeniyi emphasized the role of partnerships and stakeholder engagement in achieving this success. The NCS has fostered an environment of trust and cooperation with both public and private sectors, as well as international partners, which has been instrumental in meeting and exceeding revenue targets.
“The NCS has implemented a series of reforms aimed at optimizing revenue by revising policies, rationalizing tax incentives, and improving compliance through better taxpayer segmentation and automation.”
“The economic implications of this revenue collection are profound. Surpassing the revenue target by approximately 10% means more funds are available for government expenditure on infrastructure, public services, and debt servicing, potentially influencing fiscal policy decisions.” Adeniyi added.
However, critics and some posts on X suggest skepticism, questioning whether the revenue figures account for economic losses due to smuggling or other illicit activities facilitated by or within the Customs system.
The National Assembly has commended this performance, with both arms expressing their support for further enhancements to surpass future targets. This public acknowledgment indicates a political will to continue backing the Customs Service’s efforts in revenue mobilization.
