The Nigeria Customs Service (NCS) in the first half of 2024 generated N2.74 trillion in revenues.
This represents an increase of 127% compared to the figure generated in the corresponding period of 2023 despite a decline in cargo throughput during the period.
This is according to the Nigeria Customs mid-year report for 2024 where it stated that it surpassed its revenue target of N2.54 trillion in the first six months of 2024 by 8%.
Furthermore, the report noted that the improvement in revenue performance stems from the implementation of e-auction and the 90-day duty payment window for uncustomed vehicles.
The report states, “The NCS has achieved remarkable success in the first half of 2024. With a half-year revenue target of N2.54 trillion, the Service has collected N2.74 trillion, surpassing the target by 8% and marking a 127% increase over the previous year’s revenue. N1.395 trillion was collected for the second quarter, exceeding the quarterly target by 10% and representing a 131% increase over Q2 2023.”
“Key initiatives contributing to this success include the e-auction platform, which generated over N1.34 billion, and the 90-day duty payment window for uncustomed vehicles, adding N4.37 billion to the revenue. These measures have significantly enhanced transparency, compliance, and efficiency in customs processes, underscoring the NCS’s commitment to excellence.”
The Service also highlighted several challenges encountered during this period, including significant fluctuations in the exchange rate, a reduced volume of transactions, low compliance levels among importers and exporters, and periodic operational downtimes.
The NCS stated that the implementation of the Advanced Ruling system coupled with other initiatives helped increase its revenues despite a drop in cargo throughput.
It stated, “Additionally, the NCS has recently introduced the Advance Ruling System (ARS), a legally binding decision on classification, valuation, and rules of origin before the importation or exportation of goods. Other pragmatic measures implemented to increase revenue, despite a drop in cargo throughput, included establishing a robust framework for dispute resolution, launching Operation Whirlwind, reshuffling strategic-level officers and robust stakeholders’ engagement.”
