Customs Generates N1.347trn In Q1 2024

The Nigeria Customs Service (NCS) has said that it generated the sum of N1.347trillion revenue between January and March 2024, surpassing monthly average revenue target of about N4.2billion in the year.

Comptroller General of Customs, Adewale Adeniyi, gave the update at a press briefing on Wednesday, saying that the revenue accrual for the first quarter of 2024 was a 122.35 per cent increase over the N606,19,935,146 billion that was collected in the same period last year.

He said that in the period under review, several systemic challenges impeded the Service’s operations. He particularly expressed concerns over the significant fluctuations in foreign exchange rate, which he said poses challenge to its operations.

He, however, said the Customs in union with the Minister of Finance and Coordinating Minister of the Economy, was working with the Governor of the Central Bank of Nigeria (CBN) to forestall a possible recurrence of the exchange rate fluctuations which he said happened for about 13 times in March alone.

“We have not done anything to alter the rates. The rates for clearance for vehicles remain the same. We are monitoring the situation. Unlike in the previous dispensation when CBN was lord unto themselves; when nobody could talk to them, this one is better,” he stated.

CG Adeniyi said 572 seizures were made in the same first quarter of 2024, topped by rice smuggling.

He said the newly introduced e-auction platform of the Service had led to the generation of N1.6 billion for the period of February and March 2024.