The Nigeria Customs Service (NCS) has announced a historic revenue collection of N6.1 trillion for 2024, marking a 90.4% increase compared to the N3.2 trillion collected in 2023.
Speaking at a press briefing in Abuja on Tuesday, Comptroller-General Adewale Adeniyi attributed the record performance to strategic reforms and efficiency improvements.
“In 2024, we collected a total of N6,105,315,543,489.50. This surpassed our target of N5.07 trillion by N1.026 trillion, representing a 22% increase over our target,” Adeniyi stated.
The growth far exceeded previous records, with a year-on-year increase of 90.4% compared to 2023 and outpacing the 52.24% growth recorded in 2022 by 38.18%.
The 2024 revenue comprises three key components:
- Federation accounts: N3.6 trillion.
- Non-federation levies: N816.9 billion.
- Value-added tax (VAT): N1.6 trillion.
Adeniyi also noted that the achievements came despite granting N1.68 trillion in concessions to support various economic sectors.
In December 2023, the NCS had set a revenue target of N5.79 trillion for 2024. However, Abubakar Bichi, Chair of the House of Representatives Committee on Appropriations, urged the agency to aim for N6 trillion to help fund government projects.
Adeniyi praised the dedication of the service’s personnel and pledged to sustain the reforms driving these exceptional results.
