By Mariyah Adamu, Abuja
Nigeria Customs Service, NCS, has said that it recorded N6.1 trillion revenue in 2024, as its revenue collection rises by 90.4% from N3.2 trillion recorded in 2023.
The Comptroller General, Bashir Adeniyi, who disclosed this at a press conference in Abuja, yesterday, pointed out that that the NSC surpassed its 2024 revenue target of N5.07 trillion by 22%.
Adeniyi, also said that “the Service collected a total sum of N6,105,315,543,489.50 (six trillion, ine 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”.
According to him, the revenue feature is a remarkable achievement which represents a significant 90.4% increase from our 2023 collection of N3,206,583,002,675.65.
He added that “The growth is historic as it marks the highest Year-on-Year increase recorded by the Service in recent times, surpassing the 52.24% 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”.
NCS recorded the highest revenue collection last October, when it collected N603 billion.
