The Nigeria Customs Service (NCS) has announced a groundbreaking achievement in its revenue collection for the year 2024, amassing a total of ₦6.1 trillion. This represents an impressive 90.4% increase from the ₦3.2 trillion collected in 2023, marking a historic milestone for the agency.
The Comptroller General of Customs, Bashir Adeniyi, revealed this remarkable performance during a press briefing held in Abuja on Tuesday. Adeniyi highlighted that the agency not only exceeded its annual revenue target of ₦5.07 trillion but surpassed it by 22%, collecting an additional ₦1.03 trillion.
Adeniyi said, “I am pleased to announce that the Nigeria Customs Service has again recorded another unprecedented performance in revenue collection for the year 2024.
“The Service collected a total sum of N6,105,315,543,489.50 (Six Trillion, One Hundred and Five Billion, Three Hundred and Fifteen Million, Five Hundred and Forty-Three Thousand, Four Hundred and Eighty-Nine Naira, Fifty Kobo), surpassing our target of ₦5,079,069,866,085.50 by ₦1,026,245,677,404.00, representing a 20.2 percent increase above the target.
“This remarkable achievement represents a significant 90.4 percent increase from our 2023 collection of N3,206,583,002,675.65.
“The growth is historic as it marks the highest Year-on-Year increase recorded by the Service in recent times, surpassing the 52.24 percent growth recorded in 2022 by 38.18 percentage points.
“Additionally, the Service achieved another milestone in October 2024 by recording the highest monthly collection ever of N603,171,859,991.97.
“The total revenue collected for 2024 comprises three main components:
“Federation Account Collections. The sum of N3,657,063,981,445.42 was collected into the Federation Account, consisting of Import Duty, Excise Duty, Fees, E-Auction proceeds, and CET Levy.
“Non-Federation Account Levies. A total of N816,902,844,844.73 was collected as Non-Federation Account Levies.
“Value Added Tax (VAT). The Service collected N1,631,348,717,199.35 as VAT on imports.”
