By Harriet Tornguvan -Abuja
The Nigeria Customs Service (NCS) has announced a groundbreaking achievement in revenue collection for the year 2024, setting a new benchmark in its financial performance.
Speaking at a press briefing held at the Customs Headquarters in Abuja, the Comptroller-General of Customs, Bashir Adewale Adeniyi, disclosed that the agency amassed a total of ₦6.1 trillion—₦6,105,315,543,489.50 to be precise.
This impressive figure surpasses the set target of ₦5.08 trillion by a significant ₦1.03 trillion, marking a 20.2% increase over projections, he added.
Adeniyi highlighted that the 2024 collection represents a remarkable 90.4% growth compared to the ₦3.2 trillion generated in 2023.
“This unprecedented growth is historic, marking the highest year-on-year increase recorded by the Service in recent history.
"It surpasses the 52.24% growth achieved in 2022 by an impressive 38.18 percentage points.
The Customs Boss stated that october 2024 further set a record as the month with the highest revenue collection ever recorded by the Service, totaling ₦603.17 billion.
The Comptroller General explained that the revenue breakdown for 2024 consists of three key components, federation Account Collection, non-Federation Account Levies, value Added Tax (VAT)
He said, these revenue streams have been driven by strategic reforms and concessions aimed at fostering economic growth, supporting industrial development, and enhancing the business environment, in alignment with government policy objectives.
Adeniyi emphasized that these reforms demonstrate the Service's commitment to driving Nigeria’s economic advancement through efficient revenue mobilization, strategic partnerships, and adherence to government policies.
The Comptroller attributed this success to the strategic leadership of President Bola Ahmed Tinubu, the guidance of the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Olawale Edun, and the unwavering dedication of NCS personnel.
The NCS has set an ambitious revenue target of ₦6.58 trillion for 2025, building on the strong performance of 2024 when the Service collected ₦6.1 trillion, surpassing its target by 20.2%.
Adeniyi expressed confidence in achieving this new goal through strategic initiatives and enhanced operational efficiency.
He stated that the key priorities for 2025 include the full implementation of the B’Odogwu trade modernization platform, the completion of the Authorized Economic Operator (AEO) program, and technological advancements in risk management.
Additionally, the establishment of the Nigeria Customs Service University for Trade and Technology and the strengthening of international partnerships under the African Continental Free Trade Area (AfCFTA) framework are expected to play crucial roles.
He said, that several transformative projects are also planned for the coming year, including the operationalization of the new NCS corporate headquarters, deployment of advanced scanning systems at major ports, and a comprehensive Corporate Social Responsibility (CSR) initiative.
Adeniyi highlighted the importance of embracing digital transformation and integrating advanced technologies such as geo-spatial surveillance and artificial intelligence to enhance operational efficiency.
"These measures, alongside investments in human capital development and infrastructure, will reinforce NCS's capacity to meet its revenue and service delivery objectives.
He extended his appreciation to President Tinubu and Minister Edun for their support, and commended the dedication of NCS personnel.
Adeniyi affirmed that the Service, with the collaboration of stakeholders, is prepared to meet and exceed its targets in 2025, contributing significantly to Nigeria’s economic development.
