The Nigeria Customs Service (NCS) has reported a total revenue collection of N3,206,603,417,315.47 in the fiscal year 2023, marking a significant 21.4% increase compared to the previous year’s total revenue of N2,641,616,673,501.83.
The Comptroller-General of Nigeria Customs, Adewale Adeniyi, made this announcement during a press conference in Abuja, highlighting the service’s continuous efforts to optimise revenue collection for the federal government.
Adeniyi acknowledged the operational challenges that contributed to a shortfall of N532 billion in the first half of the year against the projected revenue target of N1.84 trillion. These challenges included lower transaction volumes, compliance issues, inadequate infrastructure, capacity gaps, delays in policy implementation, socio-political factors, and economic complexities.
The Comptroller-General mentioned various government initiatives and incentives designed to foster economic growth and announced strategic initiatives that the NCS plans to deploy in the coming months. These include the introduction of the Advanced Ruling System, aligning NCS operations with global best practices, and meeting the recommendations of the World Trade Organisation Trade Facilitation Agreement (WTO TFA).
The NCS will also inaugurate an electronic auction (e-auction) platform in the upcoming week, aiming to enhance transparency in the auction process. Adeniyi reiterated the service’s commitment to implementing these strategies and exploring practical approaches to meet the heightened revenue target allocated for the fiscal year 2024, which is NGN 5.079 trillion.