• Wed. Apr 24th, 2024

Nigeria Customs Service Reports Impressive First Quarter Performance With NGN 1.3 Trillion Revenue Collection

ByHybrid News

Apr 3, 2024

In a press briefing held on Wednesday, April 3, 2024, at the Conference Room of the Comptroller-General of Customs (CGC) in Abuja, Mr. Bashir Adewale Adeniyi MFR, provided insights into the Nigeria Customs Service (NCS) performance during the first quarter of 2024. The briefing aimed to offer transparency, accountability, and insight into the operations of the NCS.

Mr. Adeniyi revealed that the NCS demonstrated remarkable performance in revenue collection during the first quarter of 2024, with a total revenue of NGN 1,347,675,608,972.75. This represents a significant increase of 122.35% compared to the same period last year. The month-by-month analysis revealed impressive growth, with January, February, and March showing revenue increases of 95.60%, 138.68%, and 132.76%, respectively, compared to the corresponding months in 2023.

Despite challenges, the NCS processed a total of 311,492 Single Goods Declarations (SGDs) for imports during the first quarter of 2024, reflecting the volume of import transactions handled. Additionally, a total of 10,786 SGDs were processed for exports during the same period, indicating a 10.60% growth in export activities.

Several factors contributed to the NCS’s successes, including the dedication of its officers, support from stakeholders, and government initiatives. Initiatives such as the E-auction and the granting of a 90-day window for owners of uncustomed vehicles played a significant role in revenue generation and trade facilitation.

Challenges encountered by the NCS during the quarter included non-compliance with regulations, infrastructure limitations, and fluctuations in exchange rates. These challenges impacted transaction volumes and disrupted activities, necessitating measures to mitigate their effects.

Looking ahead, the NCS outlined several measures to address challenges and enhance performance, including the integration of geospatial technology, implementation of Advanced Rulings, and the launch of the NCS Customs Analytical Laboratory. These initiatives aim to improve enforcement capabilities, facilitate trade, and safeguard public health and safety.

In conclusion, Mr. Bashir Adewale Adeniyi MFR expressed gratitude to the NCS officers and stakeholders for their dedication and support. He emphasized the NCS’s commitment to facilitating trade, ensuring security, and upholding the rule of law, and called upon all Nigerians to continue offering their support as the NCS strives for a brighter future.

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