Customs Generate N1.3tr in Q1 2024 – Adeniyi

by carmelsaville36
The Acting Comptroller-General of the Nigeria Customs Service (NCS), Mr Bashir Adewale Adeniyi
The Acting Comptroller-General of the Nigeria Customs Service (NCS), Mr Bashir Adewale Adeniyi


FIRS

Customs Generate N1.3tr in Q1 2024 – Adeniyi

The Comptroller General Nigeria Customs Service (NCS), Adewale Adeniyi, has said the agency made N1.3 trillion in revenue in Q1 of 2024.

In addition to the smuggling being stopped and trade facilitation being expedited, he attributed the success to the officers’ commitment and collaboration with stakeholders.

Addressing reporters in Abuja on the NCS Q4 2024 performance, he said the collection represents 122.35% increase over the corresponding time of 2023 when the service earned N606.1billion.

He said: “In the first quarter of 2024, the NCS demonstrated remarkable performance in revenue collection. Total revenue collected during this period amounted to NGN 1,347,675,608,972.75. “The collection for the first quarter represents a substantial increase of 122.35% compared to the same period last year, where NGN 606,119,935,146.67.”

The Customs boss noted that the Month-by-month analysis further illustrates the Service’s impressive growth trajectory.

Adeniyi said in January 2024, revenue collection surged by 95.60%, reaching NGN 390,824,148,326.55 from NGN 199,809,974,327.52 recorded in January 2023.

This upward trend, according to him, continued in February 2024, with a staggering 138.68% growth, elevating revenue collection to NGN 450,209,267,557.15 from NGN 188,625,011,386.87 in February 2023.

He added that by March 2024, the revenue collected by NCS revenue grew by 132.76% from NGN 217,669,949,432.28 to NGN 506,642,193,019.05.

The Comptroller General said when compared to the Federal government’s annual revenue target of NGN 5.07 trillion for the NCS to collect in 2024, the target translates to a monthly revenue target of NGN 423 billion.

He added: “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 NGN 78,675,608,972.75 over the set quarterly target of NGN 1.269 trillion.”

On the suppression of smuggling, Adeniyi noted that in the first quarter of 2024, the NCS recorded a total of 572 seizures, encompassing various items valued at NGN 10,593,099,654.50 in Duty Paid Value (DPV).

He said notably, January saw 111 seizures amounting to NGN 842,992,751.50 in DPV, while February marked the highest seizure numbers of 432, totalling NGN 3,704,703,350.34. 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.

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During this period, the Customs boss said, the NCS detained 22 suspects, and appropriate legal measures will be taken in accordance with the Nigeria Customs Service Act 2023.

On trade facilitation, he said d the inherent challenges, the service has diligently worked towards streamlining processes, minimizing bottlenecks, and optimizing efficiency across the 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.

According to him, the figure indicates a decrease compared to the total volume of 327,491 processed in 2023 and 403,233 SGDs in 2022.

Adeniyi said 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.

He said 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.

He recalled that “on February 23, 2024, after carrying out the presidential directive to distribute food items to vulnerable individuals at one of our facilities in Lagos, a tragic incident occurred.

“A stampede ensued as some eager members of the public sought access to our premises to verify claims that the shared food items, specifically rice, had been exhausted. Regrettably, 4 individuals were fatally injured around the vicinity of the Nigeria Customs Service (NCS) premises.

“Despite immediate efforts to save their lives, including transportation to the hospital via an ambulance provided on-site, their injuries proved fatal.

“This incident is deeply unfortunate, and as a responsible organization, we have implemented measures to prevent such occurrences in the future and extend our support to those affected.”

On 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, he admonished members of the public to regularize their papers.

He said, “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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multipurpose site for ROV ,drone services,mineral ores,ingots,agro commodities-oils,pulses,fatty acid distillate,rice,tomato concentrate,animal waste -gallstones,maggot feed ,general purpose niche -consumer goods,consumer electronics and all .Compedium of news around the world,businesses,ecommerce ,mineral,machines promotion and affiliation and just name it ...

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