The Nigeria Customs Service (NCS) has announced a revenue collection of N4.28 trillion from January to September 2024, reflecting a 33% increase compared to the N3.21 trillion collected for the entirety of 2023. This performance leaves the service with an outstanding N981 billion to achieve its full-year target of N5.1 trillion in the fourth quarter.
According to a document from the Nigeria Customs Service (NCS), the revenue figures for 2024 show substantial growth compared to previous years: ₦2.60 trillion in 2022 and ₦3.21 trillion in 2023.
The service highlighted that improvements in import duty collections are due to measures taken by the Central Bank of Nigeria and commercial banks, particularly the implementation of digital infrastructure. These advancements have increased transparency and accountability, allowing for more efficient import duty payments through integrated e-payment systems that reduce revenue leakages.
The service also added that digital platforms such as the e-payment systems integrated into the NCS’s digital infrastructure allow for seamless import duty payment and reduced revenue leakages.
The Nigeria Customs Service (NCS) highlighted that streamlining payment processes and reducing bureaucratic delays will enable more timely revenue collection. It added that including the Advance Ruling System, has helped reduce instances of duty evasion and underreporting.
“The NCS Modernization Project provides a transparent and traceable record of all transactions. This enhances accountability, such that once duty payments are logged, they cannot be altered or deleted. Combined with real-time audit capabilities, this makes it difficult to manipulate Import data, significantly enhancing transparency,” the document stated.
Mr. Abayomi Duyile, Chairman of Ports & Terminal Multipurpose Limited attributed the revenue surge to fluctuations in exchange rates. He noted that while imports have declined compared to last year, the elevated exchange rate—surpassing ₦1,600 to $1, up from under ₦1,000—has led to increased revenue.
Similarly, Sikiru Remilekun, Youth Leader of the Tincan Island Chapter of the Association of Nigerian Licensed Customs Agents, identified the introduction of Vehicle Identification Numbers (VIN) for vehicle valuation as a significant factor. This system simplifies the valuation process, minimizes human intervention, and promotes systematic assessment. He also pointed out that government initiatives aimed at boosting exports are anticipated to further increase customs revenue in the future.
In a related update, the Nigeria Customs Service, Port Terminal Multiservice Limited Command announced on Sunday that it generated ₦239 billion in revenue from January to September 2024. Customs Area Controller Tenny Daniyan reported that the command also made seizures valued at ₦28 million during this period, which included arms and ammunition hidden within imported vehicles, effectively preventing these dangerous items from entering the country.
