Bashir Adewale Adeniyi
The Nigeria Customs Service has surpassed its revenue target for 2024, generating a total of N6,105,315,543,489.50 during the year.
The Comptroller General of Customs, Adewale Adeniyi, disclosed this at an ongoing press briefing in Abuja on the service’s performance in 2024.
The collection, according to the CGC, is the highest in recent years compared to the immediate corresponding years of 2022 and 2023, where the service recorded shortfalls of 14 per cent and 13 per cent of its targets, respectively.
The 2024 collection represents a 20.2 per cent increase from the N5.07trn revenue generation target for the year under review, surpassing its target by over N1.02trn.
The collected revenue also represents a 90.4 per cent increase from the performance in 2023.
Adeniyi said, “The growth is historic as it marks the highest year-on-year increase recorded by the service in recent times, surpassing the 52.24 per cent 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 CGC noted that the total revenue collected for 2024 comprises three main components: federation account collections, non-federation account levies, and value-added tax (VAT).
According to Adeniyi, 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.
Also, a total of N816,902,844,844.73 was collected as non-federation account liens, and N1,631,348,717,199.35 was collected as VAT on imports.
The CGC stated, “It is pertinent to note that these collections were achieved despite significant concessions granted to support various sectors of the economy, totalling N1,682,302,648,880.67.
“These concessions comprised N723,000,081,776.68 in import duty waivers, N372,649,650,951.72 in other levy concessions, and N586,652,916,152.27 in import VAT relief.
“These strategic concessions were granted to stimulate economic growth, support industrial development, and enhance the overall business environment in line with government policy objectives.
“Notably, the 2024 concession value represents a significant reduction from the N3,959,868,268,993.18 recorded in 2023.
“This reduction is a direct result of our enhanced monitoring mechanisms and strategic reforms aimed at blocking loopholes and eliminating abuses in the concession granting process, ensuring that only genuine and qualifying enterprises benefit from these incentives.”
In the year under review, the service said it made an effort to balance revenue collection and trade facilitation.
For 2024, the CGC disclosed that the service processed imports with a Cost, Insurance, and Freight (CIF) value of N60.29trn, representing a 117.4 per cent increase from N27.74trn in 2023.
Adeniyi explained that the service achieved this through 1,262,988 import transactions, handling a total mass of 15.35 billion kilograms.
He said, “The higher value recorded despite an 8.2 per cent decrease in transaction volume from the previous year’s 1,376,514 transactions indicates a shift towards higher-value goods in our import trade portfolio.
“Our export trade performance was equally impressive, with the total CIF value rising significantly to N136.65trn in 2024 from N42.77trn in 2023, marking a 219.5 per cent increase.
“While the number of export transactions remained relatively stable at 38,199 compared to 38,294 in 2023, we witnessed a substantial increase in export volume, processing 12.35 billion kilograms in 2024 compared to 3.70 billion kilograms in 2023.
“This 234 per cent increase in export mass, coupled with the higher value, indicates robust growth in our export trade and suggests increasing competitiveness of Nigerian products in the international market.
“The total trade value handled by the service in 2024 amounted to N196.94trn, compared to N70.50trn in 2023, representing a 179.3 per cent increase.
“This substantial growth in trade value, achieved with fewer but more valuable transactions, is evidence of the increasing sophistication of Nigeria’s international trade and the effectiveness of our trade facilitation measures
