Customs hits N5.1trn revenue target for 2024 – CG

The Nigeria Customs Service (NCS), hit its 2024 revenue target of N5.1 trillion on Tuesday, its Comptroller-General, Adewale Adeniyi, has disclosed

 

Adeniyi made the disclosure on Wednesday in Abuja at the opening ceremony of the 2024 Comptroller General Conference (CGC), tagged ‘NCS: Engaging Traditional and New Partners with Purposes’.

 

“I am pleased to announce that yesterday, 12 November 2024, at exactly ten minutes past one, the NCS hit its 2024 revenue target of NGN 5.07 trillion, with more than a month remaining in the fiscal year.

Adewale Adeniyi says Nigeria Customs committed to enhancing Intra-African trade

“This exceptional performance projected to exceed our target by at least 10 per cent validates our partnership-driven approach to revenue collection and trade facilitation.

 

“The achievement is not merely about numbers; it demonstrates how enhanced stakeholder collaboration, improved processes, and modernised systems can deliver tangible results for our nation’s economy,” he said.

He said that custom’s modernisation initiatives have continued to yield immediate benefits for its stakeholders, and it strives to sustain continuous improvement.

 

According to the C-G, the service has successfully implemented key reforms, which include its Authorised Economic Operators (AEO) scheme, which currently has six beneficiaries in its pilot phase.

He further said that the advanced ruling system had processed 31 requests, with 12 rulings issued and 75 per cent completed in October following its stakeholder sensitisation efforts.

 

He added that the introduction of 24-hour cargo clearance at major ports had significantly reduced dwell time.

“The completion of Nigeria’s first-time release study now provides us with empirical data to measure and improve our efficiency.

 

“Our enhanced risk management systems are streamlining operations, and the deployment of non-intrusive inspection equipment is accelerating cargo examination while maintaining robust controls,” he explained.

 

He restated the commitment of NCS in fulfilling its enforcement mandate, stating that they have achieved unprecedented success in protecting both our citizens and economy.

 

“The scale of our intervention is reflected in seizures valued at NGN 28.1 billion and counting in 2024 alone.

 

“These seizures span critical areas of national concern, from wildlife items and arms and ammunition to narcotics and pharmaceutical products.

 

“An important moment in our’ enforcement strategy was the declaration of a state of emergency at our major ports.”

 

“This led to the interception of 48 containers of illicit pharmaceutical items and narcotics, significantly disrupting the flow of potentially harmful products,” he said.

 

He described the conference theme as apt, particularly with the evolving economic landscape, stating that multisectoral engagement was key as no single agency can effectively address customs challenges alone.

 

Adeniyi said that the sessions of the conference would provide rich discussions on revenue collection, trade facilitation, partnerships, and compliance.

He said that the insights and experiences of stakeholders were crucial in helping the service refine its strategies for the coming year, particularly as it develops its next generation of customs leaders.

 

BRANDECONOMY reports that the conference, which started on Tuesday, would end on Friday.