Adeniyi: Customs has achieved N5.07trn revenue target for 2024

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

Adewale Adeniyi, comptroller-general of NCS, spoke on Wednesday in Abuja at the opening ceremony of the 2024 comptroller general conference (CGC), themed ‘NCS: Engaging Traditional and New Partners with Purposes’.

Adeniyi said the development validates its partnership-driven approach to revenue collection and trade facilitation.

“I am pleased to announce that yesterday, 12 November 2024, at exactly ten minutes past one, the NCS hit its 2024 revenue target of NGN 5.07 trillion, with more than a month remaining in the fiscal year,” Adeniyi said.

“This exceptional performance projected to exceed our target by at least 10 percent 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.”

Customs achieved the target two months before the end of 2024.

On December 11, 2023, Abubakar Bichi, chairman of the house of representatives committee on appropriations, told Adeniyi during a hearing that customs should increase the 2024 revenue target to N6 trillion because the government needs money to finance several projects.

However, Adeniyi said the government must review the concession to be granted in 2024 and left the suspension on the excise duty on single-use plastic products for NCS to achieve N6 trillion in revenue.

Speaking further at the conference, he said the customs’ modernisation initiatives have yielded immediate benefits for its stakeholders, adding that the service strives to sustain continuous improvement.

He said the customs’ modernisation initiatives have yielded immediate benefits for its stakeholders, adding that the service strives to sustain continuous improvement.

According to the comptroller-general, NCS has implemented significant reforms, including the authorised economic operators (AEO) programme, which currently has six beneficiaries in its pilot stage.

He noted that the advanced ruling system had processed 31 requests, issuing 12 rulings and achieving a 75 percent completion rate in October after stakeholder sensitisation efforts.

‘COMPLETION OF RELEASE STUDY PROVIDES US WITH DATA TO IMPROVE OUR EFFICIENCY’

Adeniyi said the implementation of 24-hour cargo clearance at major ports has greatly reduced dwell times.

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

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

He reaffirmed the NCS’ commitment to fulfilling its enforcement mandate, adding that they have achieved remarkable success in safeguarding both citizens and the economy.

“The scale of our intervention is reflected in seizures valued at NGN 28.1 billion and counting in 2024 alone,” the NCS boss said.

“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.”

He described the conference theme as timely, especially given the changing economic landscape, emphasising that multisectoral collaboration is essential, as no single agency can tackle customs challenges on its own.

Adeniyi said the conference sessions would offer valuable discussions on revenue collection, trade facilitation, partnerships, and compliance.

The NCS boss added that stakeholder insights and experiences are vital in helping the service enhance its strategies for the coming year, especially as it cultivates the next generation of customs leaders.