HISTORIC: How Nigeria Customs Generated ₦6.1trn Revenue in 2024
The Nigeria Customs Service (NCS) has announced a record-breaking revenue collection of ₦6,105,315,543,489.50 for the year 2024, surpassing its target of ₦5.08 trillion by ₦1.03 trillion, representing a 20.2% increase.
This achievement was disclosed by the Comptroller General of Customs, Bashir Adewale Adeniyi, during a press briefing at the Service’s Corporate Headquarters in Maitama, Abuja.
Adeniyi described the feat as historic, with the 2024 revenue marking a significant 90.4% increase compared to the ₦3.21 trillion collected in 2023.
He noted that the growth outperformed the 52.24% increase recorded in 2022 by 38.18 percentage points. The NCS also achieved a milestone in October 2024 with its highest-ever monthly collection of ₦603.17 billion.
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Adeniyi highlighted that these revenues were achieved despite significant concessions granted to stimulate economic growth, which totaled ₦1.68 trillion. The concessions included ₦723 billion in import duty waivers, ₦372.65 billion in other levy concessions, and ₦586.65 billion in VAT relief.
He attributed the reduction in concession values from ₦3.96 trillion in 2023 to enhanced monitoring mechanisms and strategic reforms aimed at curbing abuses in the process. “These measures ensure that only genuine enterprises benefit from incentives, aligning with the government’s economic growth and industrial development objectives,” CGC Adeniyi said.
The Customs boss emphasized that the Service’s historic performance was a result of improved efficiency, strategic reforms, and digital innovations aimed at enhancing revenue collection and reducing leakages.
He reaffirmed the NCS’ commitment to supporting government policies while driving economic growth through efficient customs operations.
