• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Thursday, August 28, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Customs Commits To Meeting N5.08trn Revenue Target For 2024

Says NCS lost N2trn revenue to common external tariff

by James Kwen
2 years ago
in News
Customs
Share on WhatsAppShare on FacebookShare on XTelegram

The Nigeria Customs Service (NCS) has expressed commitment to meeting its revenue target of N5.08 trillion for the 2024 fiscal year even as it generated N3.21 trillion in the preceding year of 2023.

Advertisement

The Comptroller General of Customs, Bashir Adeniyi, stated this when he appeared before the House of Representatives Committee on Customs and Excise in Abuja.

CG Adeniyi said though the Service had targeted the sum of N3.67 trillion in the outgone year but it was only able to generate N3.21 trillion owing to a combination of factors, assuring that it will meet this year’s target.

The Customs boss identified the factors that inhibited it from reaching its target for 2023 as importation of goods under the common external tariff, import duty exemption certificates, uncertainties, and anxieties.

He said: “In 2023, the revenue target for the Service was N3.67trn and remarkably, the Service collected a total revenue of N3.21trn from January to December 2023. When we compare what we collected in 2023 to what was projected as our target, there was a negative variance of N462.9bn, which represents 12.62 per cent of what was approved as revenue target.

RELATED

Nathaniel Bassey’s ‘Halleluyah Challenge’ Goes To Kirikiri Prison

Nathaniel Bassey’s ‘Halleluyah Challenge’ Goes To Kirikiri Prison

39 minutes ago
African Defence Chiefs Forge United Front Against Terrorism, Cyber Threats

African Defence Chiefs Forge United Front Against Terrorism, Cyber Threats

2 hours ago
ADVERTISEMENT

“Though we didn’t achieve what we projected, but we want to say with all sense of modesty that we did our best. And when we consider all factors, we will appreciate the fact that we at NCS did the best we could.

“One of the factors was the huge import of goods under Chapter 99 of the common external tariff, which resulted in a revenue loss of over N2trn. When we compare this to the total revenue that we had, that was a whopping 63.35 per cent of our total revenue collection.

“Also, revenue due to import duty exemption certificates and other statutory provisions for the year (2023) was also in the region of N1.8 trn which was about 58.52 per cent of the total revenue generated. Cargo throughput dropped from 17.2 per cent to 15.2 per cent during the year.

ADVERTISEMENT

“For 2024 fiscal year, the target stands at 5.079 trillion and this consists of 3.423 trn in federation accounts, N554.35 bn for non-federation accounts, and N1.101 trn for import Value Added Tax,” he added, noting that “When we compare what was targeted in 2023 and 2024, this year’s target is higher by N1.41 trn, or approximately 27.75 per cent over the 2023 budget.”

Adeniyi, therefore, expressed optimism that the 2024 fiscal policy measure would be rolled out in good time so that it would help the implementation while
national single window project would be realised, thereby enabling the Service to meet the revenue target.

“The third driver is the introduction of the Vehicle Registration System and the Vehicle Identification Number valuation application, which has a huge potential for reducing undervaluation and vehicle tax evasion, thereby improving our revenue collection.

“We hope to start the implementation of drawing from the 4 per cent Free On Board in 2024 and from this source, we expect an inflow of N623.83bn. From 2% VAT share for NCS, we project N22.02bn. The last is funds that we are rolling over from ongoing capital projects, amounting to a total of N60.58bn. This will give us a total of N706.43bn,” he added.

In his remarks, the House Committee chairman, Hon. Leke Abejide, pledged the willingness of lawmakers to support the Customs Service in achieving its revenue target for the nation.

Abejide urged the NCS Comptroller General to prioritise e-Customs initiative and the integration of Artificial Intelligence (AI) in manning Nigeria’s border stations.


Join Our WhatsApp Channel

Nigerians can now earn US Dollars monthly by acquiring domains cheaply and reselling for profits up to $18,000 (nearly ₦30Million). Beneficiaries include professionals, entrepreneurs, civil servants and more. Click here to start.


Tags: Customs
SendShare10174Tweet6359Share
ADVERTISEMENT
Previous Post

Adegbite Resumes As Christian Pilgrims Commission New Boss

Next Post

Respect Rivers Peace Accord, Group Tells Wike

James Kwen

James Kwen

You May Like

Nathaniel Bassey’s ‘Halleluyah Challenge’ Goes To Kirikiri Prison
Entertainment

Nathaniel Bassey’s ‘Halleluyah Challenge’ Goes To Kirikiri Prison

2025/08/28
African Defence Chiefs Forge United Front Against Terrorism, Cyber Threats
News

African Defence Chiefs Forge United Front Against Terrorism, Cyber Threats

2025/08/27
BBN S10: ‘That’s Me 100%,’ Gigi Jasmine Defends Frequent Teary Eyes
Entertainment

BBN S10: ‘That’s Me 100%,’ Gigi Jasmine Defends Frequent Teary Eyes

2025/08/27
Tinubu Departs Abuja For Japan
News

Tinubu Departs Brazil En Route Abuja

2025/08/27
JUST-IN: Davido, Rema, Others Top As AFRIMA Releases 2025 Nominations List
Entertainment

JUST-IN: Davido, Rema, Others Top As AFRIMA Releases 2025 Nominations List

2025/08/27
Federal Gov’t Orders Shutdown Of Illegal Gold Mining Site In Gwagwalada
News

Federal Gov’t Orders Shutdown Of Illegal Gold Mining Site In Gwagwalada

2025/08/27
Leadership Conference advertisement

LATEST

Nathaniel Bassey’s ‘Halleluyah Challenge’ Goes To Kirikiri Prison

Bayern Defeat Wiesbaden 3-2 In Dramatic German Cup Clash

African Defence Chiefs Forge United Front Against Terrorism, Cyber Threats

BBN S10: ‘That’s Me 100%,’ Gigi Jasmine Defends Frequent Teary Eyes

Tinubu Departs Brazil En Route Abuja

Tennis Scoring System

JUST-IN: Davido, Rema, Others Top As AFRIMA Releases 2025 Nominations List

Federal Gov’t Orders Shutdown Of Illegal Gold Mining Site In Gwagwalada

Niger Delta People Live On $2 Daily Despite $1trn Oil Revenue — INC

BBNaija10: Dede, Kola Spark Intimacy Rumours After Late-night Moment

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.