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The Nigeria Customs Service (NCS) has reported a significant increase in revenue, with a 74 per cent rise to N4.49tn between June 2023 and May 2024 compared to the previous year.
The Comptroller-General of Customs, Adewale Adeniyi, made this announcement in Abuja while presenting the agency's performance under his leadership.
He highlighted the substantial growth in revenue collection and emphasized the agency's achievements in fulfilling its statutory responsibilities.
Adeniyi was appointed as the Comptroller-General approximately one year ago during the early days of President Bola Tinubu's inauguration.
The accomplishment, according to him, was supported by a consistent 70.13 per cent increase in average monthly revenue collection compared to the previous year.
The NCS achieved an average monthly revenue collection of N343bn, compared to the N202bn monthly average.
Notably, there was a substantial 122.35 per cent increase in revenue collection during the first quarter of 2024 compared to the same period in the previous year. These gains were attributed to various strategic initiatives.
Adeniyi mentioned that the initiatives included the recovery of N15bn through the Revenue Review Performance Recovery Exercise, N2.79bn recovered from the 90-day window for the regularization of uncustomed vehicles' documents, and the recovery of N1.5bn from the decongestion of 1,705 overtime containers and 981 vehicles from the port.
He also highlighted that on June 13, 2024, NCS achieved a record daily revenue collection of N58.5bn.
He acknowledged that the performance report recognized the challenges faced by the agency, but he assured the public of the service's efforts in addressing those challenges.
Regarding exchange rate issues, he said that the NCS was working closely with the Central Bank of Nigeria, with the support of the Minister of Finance, to achieve a stable rate for importing goods.
He also said that the service is continuously reviewing its processes to prevent leakages and ensure that those who violate customs laws face the full penalty.
Additionally, he mentioned that the NCS is collaborating with relevant stakeholders to ensure the successful implementation of customs modernization, transitioning away from manual processes to automation.
