Customs exceeds revenue expectations with N2.74trn in 1st half of 2024
The Nigeria Customs Service (NCS) has exceeded its revenue target for the first half of 2024, generating a total of N2.74 trillion, surpassing the set goal of N2.54 trillion by 8 percent. This achievement marks a 127 percent increase over the previous year’s revenue.
In a statement issued on Monday, the NCS spokesman, Abdullahi Maiwada, detailed the service’s mid-year performance. “A breakdown of the revenue in the quarter under review showed that N1.395 trillion was collected for the second quarter, exceeding the quarterly target by 10 percent and representing a 131 percent increase over Q2 2023,” the statement read.
Key initiatives driving this success include the e-auction platform, which generated over N1.34 billion, and the 90-day duty payment window for un-customed vehicles, adding N4.37 billion to the revenue. These measures have significantly enhanced transparency, compliance, and efficiency in customs processes.
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Maiwada highlighted the intensification of anti-smuggling operations in the first half of 2024, resulting in 2,442 seizures with a Duty Paid Value (DPV) of N25.5 billion, a 203 percent increase compared to the first half of 2023. Notably, in the second quarter of 2024, 1,334 seizures with a DPV of N17.6 billion were made, marking a 121 percent increase over the first quarter of the year. Top seized items included wildlife, vehicles, arms, ammunition, foreign rice, pharmaceuticals, and narcotics, with 32 suspects in custody.
Despite these achievements, challenges impacting revenue collection consistency and operational efficiency remain. To address these, the NCS has implemented strategies such as real-time system auditing, post-clearance audits, verification of documents for the Pre-Arrival Assessment Report (PAAR), ensuring compliance with import guidelines, and piloting the Authorised Economic Operators (AEO) scheme.
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