The Nigeria Customs Service (NCS) on Tuesday disclosed that it generated N6.01trillion last year and sets a target of N6.5trillion for the 2025 fiscal year.
The Comptroller-General of the Service, Mr. Adewale Adeniyi, who gave these figures during a media briefing in Abuja, explained that the revenue generated in 2024 showed that the Service surpassed its target of N5,079,069,866,085.50 by by 20.2% and raked in N1,026,245,677,404.00 in the year.
Giving a breakdown of the revenue collections by the Service in the year under review, he clarified:
“This remarkable achievement represents a significant 90.4% increase from our 2023 collection of N3,206,583,002,675.65. The growth is historic as it marks the highest Year-on-Year increase recorded by the Service in recent times, surpassing the 52.24% growth recorded in 2022 by 38.18 percentage points. Additionally, the Service achieved another milestone in October 2024 by recording the highest monthly collection ever of N603,171,859,991.97
“The total revenue collected for 2024 comprises three main components: a. Federation Account Collections. The sum of N3,657,063,981,445.42 was collected into the Federation Account, consisting of Import Duty, Excise Duty, Fees, E-Auction proceeds, and CET Levy; b. Non-Federation Account Levies. A total of N816,902,844,844.73 was collected as Non-Federation Account Levies; c. Value Added Tax (VAT). The Service collected N1,631,348,717,199.35 as VAT on imports.
“It is pertinent to note that these collections were achieved despite significant concessions granted to support various sectors of the economy, totalling N1,682,302,648,880.67. These concessions comprised N723,000,081,776.68 in import duty waivers, N372,649,650,951.72 in other levy concessions, and N586,652,916,152.27 in import VAT relief. These strategic concessions were granted to stimulate economic growth, support industrial development, and enhance the overall business environment in line with government policy objectives. Notably, the 2024 concession value represents a significant reduction from the N3,959,868,268,993.18 recorded in 2023. This reduction is a direct result of our enhanced monitoring mechanisms and strategic reforms aimed at blocking loopholes and eliminating abuses in the concession granting process, ensuring that only genuine and qualifying enterprises benefit from these incentives”, Adeniyi added.
According to him, these achievements are made possible through the NCS’ continuous alignment with the policy objectives of the present administration under the astute guidance of the Minister of Finance and Coordinating Minister of the Economy, Mr. Olawale Edun, and the support of management and the entire staff of the revenue agency
On the 2025 fiscal year strategic plans, the Customs boss projected N6.58 trillion target for the Service.
He clarified: “As we move into 2025, our strategic priorities have been carefully aligned with national economic objectives and the evolving global trading environment. The Federal Government has set an ambitious revenue target of N6.58 trillion for the Service, a target that reflects both the government’s confidence in our capabilities and the expanding scope of our operations. We approach this challenge with determination, building on our achievements in 2024 and leveraging our enhanced capabilities.
“Our strategic priorities for 2025 will focus on five key areas: Full deployment of our trade modernization initiatives, including the nationwide rollout of the B’Odogwu platform; Complete implementation of the Authorized Economic Operator (AEO) programme; Enhancement of our risk management and enforcement capabilities through technology integration; and Operationalization of the Nigeria Customs Service University for Trade and Technology.
Adeniyi listed other priorities of the NCS management in the year as including Strengthening of our international partnerships and trade facilitation initiatives under the AfCFTA framework; Implementation and roll out of a robust CSR strategy aligned with the pillars of the Presidential Priority Areas and the Sustainable Development Goals; and Promotion of open governance through enhanced transparency, stakeholder engagement, and public access to customs information and processes.
This is even as he hinted that several transformative projects were scheduled for completion or initiation in 2025, stressing that the full operationalization of the NCS’ new corporate headquarters, the deployment of additional scanning systems at key ports, and the launch of our comprehensive Corporate Social Responsibility programme will be prioritized.
He noted that these projects, alongside the Service’s ongoing modernization efforts, would significantly enhance its operational capabilities and service delivery.
He expatiated: “Our modernization agenda will continue to emphasize digital transformation and process automation. The expansion of our geo-spatial surveillance capabilities, integration of artificial intelligence in risk management, and enhancement of our data analytics capabilities will remain central to our efforts. These technological advancements will be complemented by continued investments in human capital development and infrastructure improvement.
“We recognize that achieving these objectives requires the continued support of our stakeholders and the dedication of our officers. We are confident that with our enhanced capabilities, committed workforce, and the support of all stakeholders, we will not only meet but exceed expectations in 2025”, the Comptroller-General added.
