Customs To Overshot N5.08 Trillion Revenue Target For 2024 Fiscal Year

 

 The Nigeria Customs Service(NCS) is poised to  surpass its 2024 revenue target of N5.08 trillion with the realization of N2.74 trillion as its half-year record. This represents eight percent surplus, marking a 127 percent increase over the previous year’s revenue.

According to the statement from the Customs Headquarters,  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 intensified its anti-smuggling operations in the first half of 2024, resulting in notable achievements.

“From January to June 2024, the NCS made 2,442 seizures with a Duty Paid Value (DPV) of NGN 25,520,652,942.87, which is 203% higher than the DPV of seizures in the first half of 2023.

” In the second quarter of 2024, the NCS made 1,334 seizures with a DPV of NGN 17,564,384,378, representing a 121% increase over the first quarter of 2024.

“The top items seized include wildlife items, vehicles, arms and ammunition, foreign rice, pharmaceuticals, and narcotics, with 32 suspects in custody.

“Trade facilitation remains a core priority for the NCS.

“In the first half of 2024, the Service processed 620,467 Single Goods Declarations (SGDs), reflecting a reduction of approximately 39% compared to the same period in 2023.

“Despite this decline, the NCS has implemented several key initiatives to simplify and expedite customs processes.

 “These include reinforcement of NCS automation procedures, capacity-building programs for officers, and public-private partnerships to enhance customs clearance efficiency.

 “These efforts are crucial for enhancing Nigeria’s trade competitiveness and supporting economic growth.

“Despite the achievements, the NCS faced several challenges in the first half of 2024, including significant fluctuations in the exchange rate, a lower volume of transactions, low compliance levels among importers and exporters, and periodic downtime.

“These challenges impacted the consistency of revenue collection and overall operational efficiency.

 “To address these challenges and enhance revenue collection, the NCS implemented several strategies, including real-time system auditing, post-clearance audits, verification of documents for the Pre-Arrival Assessment Report (PAAR), ensuring compliance with import guidelines, and the implementation of a pilot test for the

Authorized Economic Operators (AEO) scheme.

“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.

“The CGC commends all officers and men of the NCS for their diligence and commitment.

 “He also acknowledges the stakeholders who have played significant roles in achieving this performance.

“He further reaffirmed the Nigeria Customs Service’s dedication to supporting the realization of government policies for a better Nigeria.