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NCS generates ₦1.3 trillion in Q1’24 despite disruptive FX duty rates – Customs Boss

The Customs boss further revealed that over 572 seizures were made, with a duty-paid value of N10 billion. Additionally, a total of N1.6 billion was generated through the electronic auction platform launched in the first quarter of the year...

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NCS generates ₦1.3 trillion in Q1’24 despite disruptive FX duty rates – Customs Boss

The Nigeria Customs Service (NCS) has announced a remarkable revenue generation of 1.3 trillion naira in the first quarter of 2024. According to the Comptroller General of Customs, Adewale Adeniyi, the revenue was generated despite encountering disruptions caused by fluctuations in exchange rates.

During a press briefing, Adeniyi stated, “In the first quarter of 2024, the NCS demonstrated remarkable performance in revenue collection. Total revenue collected during this period amounted to NGN 1,347,675,608,972.75.” He highlighted that this figure represented a significant increase of 122.35% compared to the same period last year.

The Customs boss further revealed that over 572 seizures were made, with a duty-paid value of N10 billion. Additionally, a total of N1.6 billion was generated through the electronic auction platform launched in the first quarter of the year.

However, Adeniyi acknowledged the challenges posed by fluctuations in exchange rates, which disrupted the Service’s activities. He mentioned that the Central Bank of Nigeria (CBN) directed 28 rates in the last quarter, ranging from NGN 951.94 per USD 1 in January 2024 to a peak of NGN 1,662.35 per USD 1 in February 2024.

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These fluctuations resulted in an average applied exchange rate of NGN 1,314.03 per USD 1 in the clearance of Customs goods during the quarter.

Adeniyi expressed satisfaction with the recent relative stability in exchange rates and disclosed ongoing consultations with the Minister of Finance and the apex bank to mitigate the potential impact of exchange rate fluctuations on import activities.

NCS generates ₦1.3 trillion in Q1’24 despite disruptive FX Duty rates - Customs Boss

Despite these challenges, the Nigeria Customs Service remains optimistic about its revenue generation capabilities and its ability to navigate through economic uncertainties.

Reflecting on a tragic incident that occurred on February 23, 2024, at an NCS facility in Lagos, Adeniyi expressed condolences, saying, “A stampede ensued when eager members of the public sought access to the premises to verify claims that shared food items, specifically rice, had been exhausted. Regrettably, four individuals lost their lives in the stampede.” He announced measures to prevent such occurrences in the future.

Adeniyi outlined the NCS’s plans to enhance its operations, including the integration of geospatial technology and the launch of the Authorised Economic Operators (AEO) program.

He expressed gratitude to NCS officers and called for continued support from all Nigerians in achieving the NCS’s mandate.

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