The Nigeria Customs Service (NCS) reported a revenue collection of N4.28 trillion from January to September 2024, marking a 33% increase from the N3.21 trillion collected for the entire year of 2023.
This performance leaves the service with an outstanding N981 billion, which it needs to meet in the fourth quarter to meet its full-year target of N5.1 trillion.
According to an NCS document, the revenue figures for 2024 reflect significant growth compared to previous years: N2.60 trillion in 2022 and N3.21 trillion in 2023.
The service noted that improvements in import duty collections are attributed to measures implemented by the Central Bank of Nigeria and commercial banks, particularly the adoption of digital infrastructure. These advancements have enhanced transparency and accountability, enabling more efficient import duty payments through integrated e-payment systems that minimise revenue leakages.
The NCS highlighted that modernising its processes, including the Advance Ruling System, has reduced instances of duty evasion and underreporting.
“The NCS Modernisation Project provides a transparent and traceable record of all transactions. This enhances accountability, such that once duty payments are logged, they cannot be altered or deleted,” the document stated.
This system allows for real-time audits, significantly increasing the transparency of import data.
Mr. Abayomi Duyile, Chairman of Ports & Terminal Multipurpose Limited, attributed the revenue surge to fluctuations in the exchange rate. He pointed out that although imports have decreased compared to last year, the higher exchange rate—over N1,600 to $1, up from less than N1,000—has resulted in increased revenue.
Similarly, Sikiru Remilekun, Youth Leader of the Tincan Island Chapter of the Association of Nigerian Licensed Customs Agents, cited the introduction of Vehicle Identification Numbers (VIN) for vehicle valuation as a key factor.
This system streamlines the valuation process, reducing human interference and promoting systematic valuation. He also noted that government efforts to boost exports are expected to further enhance customs revenue in the future.
Additionally, the Nigeria Customs Service, Port Terminal Multiservices Limited Command, announced a revenue collection of N239 billion for the same period, an increase of N53 billion or 29% compared to N185 billion in 2023.
Customs Area Controller Tenny Daniyan reported that the command made seizures valued at N28 million during this period, including arms and ammunition concealed within imported vehicles, thus preventing dangerous imports from entering the country.