ADVERTISEMENT
  • Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Monday, September 15, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
    • All
    • Athletics
    • Basketball
    • Boxing
    • Esports
    • Football
    • Olympics
    • Paralympics
    • Tennis

    AFN Congratulates Amusan On Silver Medal Victory

    Lionel Messi’s Barcelona Rookie Card Sells For Record $1.5m

    Duplantis Sets New Pole Vault World Record For 14th Time At Tokyo 2025

    World Championships: Amusan Claims Silver In Women’s 100m Hurdles, Opens Team Nigeria’s Medal Count

  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
    • All
    • Athletics
    • Basketball
    • Boxing
    • Esports
    • Football
    • Olympics
    • Paralympics
    • Tennis

    AFN Congratulates Amusan On Silver Medal Victory

    Lionel Messi’s Barcelona Rookie Card Sells For Record $1.5m

    Duplantis Sets New Pole Vault World Record For 14th Time At Tokyo 2025

    World Championships: Amusan Claims Silver In Women’s 100m Hurdles, Opens Team Nigeria’s Medal Count

  • 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

Naira Fall Boosts Customs Revenue By 101% Amid Low Import Volumes

by Yusuf Babalola
10 months ago
in Business
naira
Share on WhatsAppShare on FacebookShare on XTelegram

Despite low importation and cargo volume into the country, the Apapa command of the Nigeria Customs Service (NCS), on Monday, reported a record revenue collection of N1.87 trillion in the first 10 months of 2024.

Advertisement

The increase in revenue represents a remarkable 101 per cent increase from the N931 billion collected during the same period in 2023.

This increased revenue, LEADERSHIP checks show, is due to the depreciation of the naira which has drastically raised the duties paid by cargo clearing.

Speaking during a press briefing in Lagos, the Customs Area Controller (CAC) Apapa, Compt. Babatunde Olomu attributed the substantial growth to stringent measures such as plugging revenue leakages, alongside increased compliance by port users.

He said despite a noticeable decline in trade volume, the Command recorded its highest-ever monthly collection of N264.4 billion in October, 2024.

Related News

Schneider Electric Unveils All-in-one Electrical Safety, Connectivity Product

6 hours ago

Green Energy’s $400m Indigenous Terminal Ends 50-year Reliance On Foreign-built Export Infrastructure

13 hours ago

This landmark achievement he explained has boosted the Command’s confidence in not only meeting but potentially surpassing its annual target of N2.2 trillion by the year’s end.

“Despite a remarkable decline in the volume of trade, this command has been able to block leakages and achieved maximum collection of revenue as evidenced in our monthly activities. From January-October 2024, we generated a total of N1.87 trillion higher than the N931.1 billion generated in the corresponding period in the year 2023, showing 101 per cent increase over last year’s revenue figure.

“It is instructive to state that our October 2024 collection is N264.45 billion. This is the highest monthly collection in the history of this command. Therefore, we are hopeful of meeting and even surpassing our target of N2.2 trillion as the year winds down.”

The Customs Area Controller also stated that the Command is advancing towards a modern and paperless system as part of the NCS’s broader modernisation drive.

By incorporating tools such as the Authorised Economic Operator (AEO) and Advanced Ruling, the Command has facilitated faster, more secure processing of import and export cargoes, reducing delays and promoting compliance.

Additionally, he said the Command operates on weekends, aligning with the federal government’s Ease of Doing Business policy to ensure efficient cargo clearance.

Like I mentioned in other fora, the NCS Management is driving a modern and paperless system and here in Apapa we are gearing up to migrate from the old system to a new system while maximising the benefits of what we have presently.

“Nevertheless, the command has keyed into trade facilitation tools like AEO and Advanced Ruling to ensure seamless movement of both import and export cargoes.

“Furthermore, in line with the federal government agenda of Ease of Doing Business, the command operates on Saturdays and Sundays to ensure that importers take delivery of their cargoes devoid of any delay.

We also have an intra government working system where all government agencies work together as a team without compromising the mandates of our respective agencies. Equally, we have a wider customs-stakeholder forum where only issues pertaining to customs alone are looked into and addressed as and when due.”

Join Our WhatsApp Channel

Tags: NairaNigerian Customs Service
SendShare10172Tweet6358Share

Other News Updates

Business

Schneider Electric Unveils All-in-one Electrical Safety, Connectivity Product

2025/09/15
Business

Green Energy’s $400m Indigenous Terminal Ends 50-year Reliance On Foreign-built Export Infrastructure

2025/09/15
Business

Dangote Urges Prioritisation Of Food Security In Africa

2025/09/15
Business

Illegal Mining: Alake Hails Ansaru Leader’s Conviction

2025/09/15
Business

NCAA Launches Campaign Against Unruly Passengers At Airports

2025/09/15
Business

UBA Pledges $150m for Kenyan Roads, Commits to Africa’s Growth

2025/09/15
Leadership Conference advertisement

LATEST

JUST-IN: Federal Government Halts 4% FOB Customs Levy Over Trade Facilitation, Inflation Concerns

NDLEA Destroy Over 18,00kg Of Cannabis In Edo, Arrest 4 Suspects

FCT Minister Warns Intending Pilgrims Against Desertion

AFN Congratulates Amusan On Silver Medal Victory

JUST-IN: Tinubu Cuts Short Vacation, Returns To Abuja Tuesday

Singer Davido Clears Air On Viral Slap Video

‘Only Senate Can Reinstate Senator Natasha’, Says NASS Clerk

JUST-IN: Bandits Abduct 40 Worshippers In Zamfara

ActionAid Tasks Federal Government On Rule Of Law

FRSC Arrests 226 Drivers For Overloading In Bauchi, Borno, Yobe

© 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.