The Nigeria Customs Service reports revenue exceeding N1.3 trillion in the first quarter of 2024.
NCS Comptroller General Adewale Adeniyi revealed this on Wednesday in Abuja during a briefing on the company’s first-quarter 2024 activities.
“The total revenue collected during this period amounted to N1,347,675,608,972.75. The collection for the first quarter represents a substantial increase of 122.35 per cent compared to the same period last year, where N606,119,935,146.67 was collected,” he said.
Mr. Adeniyi elaborated that the month-to-month breakdown highlighted the service’s significant growth in January 2024, with revenue reaching N390.824 billion, marking a 95.6% increase compared to January 2023’s N199.81 billion.
He added that in February, the service recorded 138.68 per cent growth and in March, 132.76 per cent compared to 2023.
The customs boss said the service recorded 572 seizures of various items valued at N10.59 billion in Duty-Paid Value (DPV) within the quarter under review, and 22 suspects were arrested.
According to him, rice constituted 39 per cent of the seizures, followed by petroleum products at 26 per cent, and motor vehicles and textiles at nine and six per cent, respectively.
He said the service was determined to address smuggling and harassment of its personnel during operations in border communities by strengthening anti-smuggling strategies and using innovations such as the Geographic Information System.
“One notable initiative is the integration of geospatial technology alongside the utilisation of satellite imagery and artificial intelligence tools and techniques.
“These efforts were initiated upon my assumption of office to combat the longstanding issue of smuggling and enhance the NCS’s enforcement capabilities for effective monitoring of our extensive 4,000km borders. Additionally, this initiative will establish a command and control centre to monitor activities along our borders comprehensively,” he said.
Mr Adeniyi noted that even though customs recorded a decrease in the volume of import transactions in the first quarter, it was working toward streamlining its trade processes to address bottlenecks and optimise its efficiency across ports for seamless trade transactions.
He said the service also recorded several systemic challenges related to non-compliance with regulations, infrastructure limitations, and significant fluctuations in exchange rates applied in the clearance of consignments.
The customs boss explained that in the first quarter of 2024, the Central Bank of Nigeria directed 28 rates, and such fluctuations resulted in an average applied exchange rate of N1,314.03 per dollar in the clearance of customs goods during the quarter.
He explained that the fluctuations affected and disrupted the activities of its stakeholders and the potential of its revenue.
Consequently, Mr Adeniyi said that the NCS, with the support of the finance minister, has initiated periodic consultations with the CBN to mitigate the potential impact of exchange rate fluctuations on import activities.
(NAN)
