Customs overshoots N5tr target, anticipates 10% leap
14 November 2024 |
4:55 am
The Nigeria Customs Service (NCS) has overshot its 2024 revenue target of N5.07 trillion, by hitting N5.08 trillion, with anticipation of surpassing the goal by an additional 10 per cent before the end of the fiscal year.
• Tinubu insists economic policies yielding positive result
The Nigeria Customs Service (NCS) has overshot its 2024 revenue target of N5.07 trillion, by hitting N5.08 trillion, with anticipation of surpassing the goal by an additional 10 per cent before the end of the fiscal year.
Its enforcement arm equally reported significant accomplishments in protecting the citizenry and economy, with seizures valued at N28.1 billion in 10 months, compromising the illicit trade in arms, narcotics, pharmaceuticals and wildlife items.
The disclosures were made yesterday at the 2024 Comptroller-General of Customs (CGC) Conference in Abuja, with the theme, “Nigeria Customs Service Engaging Traditional and New Partners with Purpose.”
President Bola Tinubu, in his opening address, applauded the service for its remarkable progress in aligning with the current administration’s economic transformation agenda, especially through revenue generation, trade facilitation, and modernisation initiatives.
Represented by the National Security Adviser (NSA), Nuhu Ribadu, he highlighted the government’s efforts to boost Nigeria’s global trade presence, noting a surge in foreign direct investments, exceeding $30 billion over the past year.
The President attributed this success partly to the NCS’s modernisation, which includes implementing the Advanced Ruling System and the Authorised Economic Operator (AEO) programme.
Tinubu said the reforms were not only enhancing the country’s ease of doing business but also creating a more predictable environment for both local and international businesses. He noted that the NCS’s achievements have made Nigeria a more trade-friendly nation, particularly in export promotion and port efficiency.
The President further acknowledged the Service’s strengthened regulatory and anti-smuggling efforts, which he said, demonstrate that robust trade facilitation can coexist with effective border security.
The Comptroller-General, Bashir Adewale Adeniyi, who announced the feats, credited the success to a partnership-driven approach to revenue collection and trade facilitation.
He emphasised that the milestone was not merely about numbers, but reflective of how strengthened collaborations, streamlined processes, and modernised systems had generated real economic benefits for Nigeria.
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