Nigeria Customs Service Revenue Soars by 127% in First Half of 2024
The Nigeria Customs Service (NCS) has reported a substantial increase in revenue for the first half of 2024. The collected revenue totaled N2.74 trillion, marking a striking 127% increase compared to the figures generated in the corresponding period of 2023. Despite a decline in cargo throughput during this period, the NCS successfully surpassed its revenue target of N2.54 trillion by 8%, as disclosed in the mid-year report for 2024.
The NCS attributes this impressive improvement in revenue performance to the successful implementation of the e-auction system and the introduction of a 90-day duty payment window for uncustomed vehicles. These strategic measures have clearly contributed to the exceptional revenue growth experienced by the NCS in the first half of 2024.
Abdullahi Maiwada, the service’s National Public Relations Officer, highlighted the remarkable success in the first half of 2024. He revealed that the NCS surpassed its targets, collecting N2.74 trillion in revenue, reflecting an 8% increase over the set target and a substantial 127% increase compared to the previous year’s revenue. The second quarter also witnessed a significant revenue collection of N1.395 trillion, exceeding the quarterly target by 10% and representing a remarkable 131% increase over Q2 2023.
These outstanding results underscore the effectiveness of the strategies employed by the Nigeria Customs Service, as they continue to outperform and exceed revenue targets. The successful implementation of the e-auction system and the 90-day duty payment window for uncustomed vehicles has clearly played a pivotal role in driving this exceptional revenue growth.
The mid-year report for 2024 reflects the NCS’s commitment to optimizing revenue collection while streamlining processes. This achievement not only demonstrates the agency’s ability to adapt to evolving circumstances but also signifies its commitment to driving efficiency and enhancing revenue performance.
The Nigeria Customs Service’s exceptional revenue performance in the first half of 2024 not only underscores its commitment to achieving its targets but also highlights its capability to adapt and capitalize on innovative revenue-enhancing strategies. As the NCS continues to chart its course in the dynamic landscape of revenue collection, the successful implementation of e-auction and the 90-day duty payment window for uncustomed vehicles stands as testament to the service’s dedication to driving revenue growth and operational excellence.
