• Exchange rate instability threatens trade, says Adeniyi
• U.S. 14% reciprocal tariff sees 24.4% decline in export

The Nigeria Customs Service (NCS), yesterday, reported a significant surge in revenue generation for the first quarter of 2025, generating N1,751,502,252,298.05.

It noted the seizure of several illicit consignments, including arms, contraband goods and narcotics through enhanced surveillance and intelligence-driven operations.

The Comptroller-General (CG) of Customs, Adewale Adeniyi, disclosed this during a briefing in Abuja, where he gave a detailed breakdown of the agency’s performance in revenue collection, anti-smuggling efforts, and trade facilitation for Q1 2025.

Adeniyi said Customs’ quarterly benchmark of N1.645 trillion was surpassed by over N106 billion, achieving a 106.47 per cent performance rate.

“The N1.75 trillion recorded also reflects a 29.96 per cent increase compared to the N1.35 trillion collected in the same period in 2024,” he added.

The CG attributed the increase to reforms introduced under the administration of President Bola Tinubu and the supervision of the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

He said: “I am pleased to report the Service’s revenue collection for Q1 2025, which totalled N1,751,502,252,298.05. Against our yearly target of N6.58 trillion, the first quarter’s proportional benchmark stood at N1.645 trillion. I am proud to announce that we’ve exceeded this target by N106.5 billion, achieving 106.47 per cent of our quarterly projection. This outstanding performance represents a substantial 29.96 per cent increase compared to the same period in 2024, when we collected N1,347,705,251,658.31.

“Our month-by-month analysis reveals even more encouraging details of this growth trajectory. January’s collection of N647,880,245,243.67 not only surpassed its monthly target of N548.33 billion by 18.12 per cent, but also showed a remarkable 65.77 per cent year-on-year growth.”

According to him, these results substantiate the agency’s effective measures to curb revenue losses while streamlining compliant trade.

He expressed appreciation to officers and staff of the Service, the Federal Government and the media for their support.

Adeniyi cited exchange rate instability as a major challenge, noting 62 exchange rate adjustments within the quarter, ranging from N1,477.72 to N1,569.53 per dollar.

He added: “We have been working closely with the Central Bank of Nigeria (CBN) and the Federal Ministry of Finance to implement measures aimed at stabilising the exchange rate for import declarations.

“Another significant challenge was the implementation and subsequent suspension of the Financial Customs Service Operation (FCSO), also known as the four per cent FOB.
This development created temporary operational adjustments for both the Service and our stakeholders.”

The temporary suspension of the Financial Customs Service Operation (FCSO) and the imposition of a 14 per cent reciprocal tariff by the United States on Nigerian exports, he said, also presented operational and diplomatic hurdles.

Further, he said the fight against sophisticated smuggling networks was ongoing.

Looking ahead, Adeniyi said the Service would intensify modernisation efforts by expanding the B’Odogwu platform, integrating advanced risk management systems, and enhancing stakeholder experience.

“We’ve collected N1.75 trillion despite economic headwinds, intercepted N7.7 billion worth of smuggled goods, and rolled out practical solutions like the B’Odogwu platform. The numbers show we’re delivering,” Adeniyi stated.