The Nigeria Customs Service announced a total of N1.3 trillion worth of revenue has been generated as its income for the first quarter of 2024.
Adewale Adeniyi, Comptroller General of Customs, stated that more than 572 seizures totaling N10 billion in duty-paid value had occurred.
“In the first quarter of 2024, the NCS demonstrated remarkable performance in revenue collection,” he stated on Wednesday at a press event in Abuja. The total amount of money received over this time was NGN 1,347,675,608,972.75. The first quarter’s collection, which was NGN 606,119,935,146.67, is a significant rise of 122.35% over the same period in the previous year.
He further claimed that “when compared to the Federal Government’s annual revenue target of N5.07 trillion for the NCS to collect in 2024, the target translates to a monthly revenue target of N423 billion”.
Additionally, Adeniyi stated that N1.6 billion was made via its electronic auction platform, which went live in the first quarter of this year. However, the head of customs claimed that the swings in the currency rate regime presented a significant challenge to the Service and disrupted its operations.
According to Mr Adeniyi, “In the last quarter, a total of 28 rates were directed by the CBN, ranging from NGN 951.94 per USD 1 in January 2024 to a peak of NGN 1,662.35 per USD 1 in February 2024. While a singular exchange rate of NGN951.94 per USD 1 was maintained in January, February witnessed 15 different spot rates ranging from NGN 951.94 per USD 1 to NGN 1,662.35 per USD 1.
“March saw a total of 13 different spot rates applied, ranging from NGN 1,303.84 to NGN 1,630.16. These fluctuations resulted in an average applied exchange rate of NGN 1,314.03 per USD 1 in the clearance of customs goods during the quarter.
He went on to say that the “repercussions of these fluctuating rates have sent concerning signals to our stakeholders, affecting and disrupting activities”.
Adeniyi, however, expressed gratitude for the recent relative calm and added that the Service has been in regular consultations with the apex bank to reduce the possible impact of exchange rate fluctuations on import activities. These consultations have been facilitated by the support of Wale Edun, Minister of Finance.
