The Nigeria Customs Service (NCS) announced a significant financial milestone, collecting NGN 5.7 trillion in revenue as of Tuesday, November 12, 2024.
Comptroller-General of Customs Adewale Adeniyi disclosed this achievement during the 2024 Comptroller-General of Customs Conference in Abuja on Wednesday.
The conference, themed “Nigeria Customs Service: Engaging Traditional and New Partners with Purpose,” focuses on strengthening the NCS’s partnerships to enhance economic growth and improve operational efficiency.
Adeniyi expressed pride in the NCS’s accomplishment, noting that the service had not only reached but exceeded its 2024 revenue target of NGN 5.07 trillion.
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“Our strategic engagements and collaborative approaches have yielded remarkable results across our core statutory responsibilities,” Adeniyi stated.
“I am pleased to announce that, as of 12 November 2024 at exactly 13:10 Hrs, the NCS hit its 2024 revenue target, collecting NGN 5.079 trillion, with more than a month remaining in the fiscal year.”
The Comptroller-General highlighted several of the NCS’s strides in trade facilitation, which contributed to the record-breaking revenue.
He noted that six companies have been selected as beneficiaries of the Authorised Economic Operators (AEO) program, designed to streamline and facilitate trade for compliant businesses.
Adeniyi also pointed out the NCS’s efforts in advancing trade efficiency through an advance ruling program, which has processed 21 requests for customs decisions on imports and exports prior to their arrival at ports, ensuring quicker decision-making and smoother processing.
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Adeniyi also discussed the NCS’s time release study, a strategic initiative aimed at reducing cargo dwell time at the ports and moving toward a 24-hour cargo clearance goal. This step, he said, aligns with global standards and enhances Nigeria’s competitiveness in international trade.
The Comptroller-General further commended “Operation Whirlwind,” a collaborative effort with the Office of the National Security Adviser and the Nigerian Midstream and Downstream Petroleum Regulatory Agency.
This initiative targets the reduction of fuel smuggling, a persistent challenge for the NCS and Nigeria’s economy.
The record revenue collection underscores the NCS’s commitment to economic security, efficient trade facilitation, and effective customs administration.
Further details on the NCS’s plans and performance are expected to be provided as the conference continues.