Customs hits N5.07trn revenue target for 2024

The Nigeria Customs Service (NCS) has hit its 2024 revenue target of N5.07 trillion.

The Comptroller General of Customs, Adewale Adeniyi, disclosed this at the opening ceremony of the 2024 Comptroller General Conference (CGC) in Abuja on Wednesday, November 13, 2024.

Adeniyi revealed that the revenue target was achieved on Tuesday, November 12.

The Customs boss said: “I am pleased to announce that yesterday, 12 November 2024, at exactly ten minutes past one, the NCS hit its 2024 revenue target of N5.07 trillion, with more than a month remaining in the fiscal year.

“This exceptional performance projected to exceed our target by at least 10 per cent validates our partnership-driven approach to revenue collection and trade facilitation.

“The achievement is not merely about numbers; it demonstrates how enhanced stakeholder collaboration, improved processes, and modernised systems can deliver tangible results for our nation’s economy.”

He said custom’s modernisation initiatives have continued to yield immediate benefits for Customs stakeholders, and it strives to sustain continuous improvement.

Adeniyi stated Customs has implemented key reforms, which include its Authorised Economic Operators (AEO) scheme, which currently has six beneficiaries in its pilot phase.

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Adeniyi noted that the advanced ruling system had processed 31 requests, with 12 rulings issued and 75 per cent completed in October following the service’s stakeholder sensitisation efforts.

He added that the introduction of 24-hour cargo clearance at major ports had significantly reduced dwell time.

The Customs CG said: “The completion of Nigeria’s first-time release study now provides us with empirical data to measure and improve our efficiency.

“Our enhanced risk management systems are streamlining operations, and the deployment of non-intrusive inspection equipment is accelerating cargo examination while maintaining robust controls.”

Adeniyi restated the commitment of Customs to fulfilling its enforcement mandate, stating that they have achieved unprecedented success in protecting Nigerians and the economy.

He added: “The scale of our intervention is reflected in seizures valued at NGN 28.1 billion and counting in 2024 alone.

“These seizures span critical areas of national concern, from wildlife items and arms and ammunition to narcotics and pharmaceutical products.

“An important moment in our’ enforcement strategy was the declaration of a state of emergency at our major ports.

“This led to the interception of 48 containers of illicit pharmaceutical items and narcotics, significantly disrupting the flow of potentially harmful products.”

The Star