NCS Generates N1.3Trillion In First Quarter Of Year 2024

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Nigeria Customs Service has disclosed that the Service, in the first quarter of 2024, collected the sum of N1,347,675,608,972.75 into the Federal governments.coffers.

The collection represents a substantial increase of 122.35% compared to the same period on 2023, where N606,119,935,146.67 was collected.

Comptroller General of Nigeria Customs Service (NCS), Bashir Adewale Adwniyi made this known while presenting the performance of the Nigeria Customs in Abuja today.

Giving.a month-by-month collection, the CGC hinted that in January 2024, revenue collection surged by 95.60%, reaching N390,824,148,326.55 from N199,809,974,327.52 recorded in January 2023.

This upward trend continued in February 2024, with a staggering 138.68% growth, elevating revenue collection to N450,209,267,557.15 from N188,625,011,386.87 in February 2023.

By March 2024, the revenue collected by NCS revenue grew by 132.76% from N217,669,949,432.28 to N506,642,193,019.05.

“When compared to the Federal government’s annual revenue target of N5.07 trillion for the NCS to collect in 2024, the target translates to a monthly revenue target of N423 billion. We are pleased to report an average monthly revenue growth of 6.2% over the set monthly target and a cumulative revenue collection of 18.6%, equivalent to N78,675,608,972.75 over the set quarterly target of N1.269 trillion,” he said.

In the area of suppression of smuggling, he said within the period, the Service recorded a total of 572 seizures, encompassing various items valued at NGN 10,593,099,654.50 in Duty Paid Value (DPV).

He said “In the first quarter of 2024, the NCS recorded a total of 572 seizures, encompassing various items valued at N10,593,099,654.50 in Duty Paid Value (DPV). Notably, January saw 111 seizures amounting to N842,992,751.50 in DPV, while February marked the highest seizure numbers of 432, totalling N3,704,703,350.34. Rice constituted 39% of the seizures, followed by petroleum products at 26%, with motor vehicles and textiles accounting for 9% and 6% of the seizures, respectively. During this period, the NCS detained 22 suspects, and appropriate legal measures will be taken in accordance with the Nigeria Customs Service Act 2023.”

In the area of trade facilitation, Adeniyi said “Trade facilitation remains a central focus of the NCS operations. Despite inherent challenges, we have diligently worked towards streamlining processes, minimizing bottlenecks, and optimizing efficiency across our ports to ensure seamless trade transactions. In First Quarter 2024, the NCS processed a total of 311,492 Single Goods Declarations (SGDs) for imports, reflecting the volume of import transactions handled. This figure indicates a decrease compared to the total volume of 327,491 processed in 2023 and 403,233 SGDs in 2022.

“Regarding export transactions, a total of 10,786 SGDs were processed in 2024 compared to 9,752 transactions in 2023, representing a 10.60% growth in export activities. Notably, a significant portion of this growth occurred in January, with 4,067 transactions processed in 2024 compared to 3,352 SGDs in 2023, marking a 29.69% increase. The Service is particularly interested in the growth of the non-oil export sector, aligning with the priorities of the President Bola Ahmed Tinubu led administration and the initiatives pursued by NCS in recent times.”

The Comptroller General attributed the successes to implementation of various initiatives including electronic auction which generated a total revenue of N1.6 billion in February and March, adherence of stakeholders to the terms of various Memoranda of Understanding (MOUs), support by the government and dedication of officers and men of the Service to work.

According to him, “It is imperative to highlight the ongoing support of the government, particularly in approving initiatives aimed at fulfilling the mandate of the Nigeria Customs Service (NCS). Among these initiatives, notable is the granting of a 90- day window to owners of uncustomed vehicles, facilitating the payment of appropriate duties on previously imported vehicles into the country. Members of the public are strongly advised to avail themselves of this opportunity to regularize their papers, as failure to do so will result in applicable penalties.

“Additionally, the government’s decision to reopen the Northern Borders with Niger Republic holds significant importance. This action is expected to boost trading activities in those areas. With potential smugglers now reconsidering the legitimacy of trading through approved routes, this decision stands as a pivotal move.”

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