Home Finance Customs Generates N1.34trn Revenue in Q1, 2024

Customs Generates N1.34trn Revenue in Q1, 2024

42
0

The Nigeria Customs Service (NCS) generated the sum of N1.34 trillion and seized goods worth N10.59 billion in the first quarter of 2024, Adewale Adeniyi, comptroller-general of Customs, has said.

Speaking on NCS’ first quarter activities in Abuja on Wednesday, Adeniyi said the first quarter revenue represents a substantial increase of 122.35 percent compared to the same period last year.

“Total revenue collected during this period amounted to N1,347,675,608,972.75. The collection for the first quarter represents a substantial increase of 122.35 percent compared to the same period last year, where N606,119,935,146.67. The month-by-month analysis further illustrates the service’s impressive growth trajectory.

“In January 2024, revenue collection surged by 95.60 percent, 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 percent 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 percent from N217,669,949,432.28 to N506,642,193,019.05,” he said.

He said when compared to the Federal Government’s annual revenue target of N5.07 trillion for the NCS to collect in 2024, which translates to N423 billion monthly; the service is recording an average monthly revenue growth of 6.2 percent over the set monthly target and a cumulative revenue collection of 18.6 percent.

The Customs boss, however, observed that there have been challenges related to non-compliance with regulations, infrastructure limitations, and a notable decline in cargo throughput, evidenced by a 4.89 percent decrease in the volume of transactions handled.

“As per protocol, the exchange rate utilised by Customs in the clearance of goods via the Nigeria Integrated Customs Information System (NICIS) is based on the rate determined by the Central Bank of Nigeria (CBN). In the last quarter, a total of 28 rates were directed by the CBN, ranging from N951.94 per USD in January 2024 to a peak of N1,662.35 per USD in February 2024.

“While a singular exchange rate of N951.94 per USD was maintained in January, February witnessed 15 different spot rates ranging from N951.94 per USD to N1,662.35 per USD. March saw a total of 13 different spot rates applied, ranging from N1,303.84 to N1,630.16. These fluctuations resulted in an average applied exchange rate of N1,314.03 per USD in the clearance of Customs goods during the quarter,” he said.

On anti-smuggling activities, he said the NCS recorded a total of 572 seizures, encompassing various items with a duty paid valued of N10,593,099,654.50.

“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,” he said.

Adeniyi also said that in the first quarter of the year, 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 percent 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 percent increase,” he said.

Previous articleNPA Managing Director Visits Tin-Can Port Road
Next articleNigeria To Partner Spain on Maritime Security

LEAVE A REPLY

Please enter your comment!
Please enter your name here