Emmanuel OchayiRevenue Milestones
The Nigeria Customs Service (NCS) has announced an increase in its revenue collection, reaching N4.49 trillion between June 2023 and May 2024.
This marks a 74% rise compared to the same period the previous year, as revealed by Comptroller-General of Nigeria Customs, Adewale Adeniyi, in Abuja.
Join our WhatsApp Channel“Exactly one year ago today, and approximately three weeks into the inauguration of President Bola Tinubu, I was appointed by Mr. President as the Comptroller-General of this strategic agency, the NCS,” Adeniyi stated. He highlighted that the average monthly revenue collection rose by 70.13%, with a monthly average of N343 billion compared to N202 billion in the previous year.
Strategic Initiatives
Adeniyi attributed this revenue growth to several strategic initiatives. “We have seen a substantial 122.35% rise in revenue collection during the first quarter of 2024 compared to the same period in the previous year,” he said.
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Key initiatives included a N15 billion recovery through the Revenue Review Performance Recovery Exercise, N2.79 billion from regularising documents of uncustomed vehicles, and N1.5 billion from decongesting ports.
“It is also worthy to note that on June 13, 2024, NCS recorded a daily all-time high of N58.5 billion in revenue collection,” Adeniyi added.
Trade Facilitation and Port Decongestion
On trade facilitation, progress was reported, particularly in port decongestion and improving access roads. The designation of a dedicated terminal for exports has yielded substantial benefits, enhancing the processing of export goods through the Lilypond command.
The terminal now manages 7,464 Single Goods Declarations (SGDs), up from 317 previously.
Anti-Smuggling Efforts
The Nigeria Customs service intensified its anti-smuggling efforts over the past year, resulting in major seizures and arrests. “We recorded 63 seizures related to animal and wildlife products valued at ₦566 million. Additionally, seven seizures of arms and ammunition were made through our ports and borders,” Adeniyi reported.
Illicit drugs worth over ₦6 billion were also intercepted, along with 724 seizures of 2.93 million litres of petrol intended for smuggling.
“In a bid to guarantee food security and suppress the smuggling of food in and out of the country, we recorded 1,744 cases of rice and grain seizures valued at ₦4.4 billion,” Adeniyi noted, emphasising the agency’s commitment to national security and societal protection.
Challenges and Collaboration
Adeniyi acknowledged the challenges faced by the agency but reassured the public of ongoing efforts to address these issues. On exchange rate stability, he mentioned, “With the support of the Minister of Finance, NCS is working closely with the Central Bank of Nigeria to achieve a stable rate for import of goods to enable businesses to plan their activities.”
Regarding compliance, he stated, “The service is constantly reviewing its processes in line with the Nigeria Customs Service Act 2024 to ensure that leakages are blocked and offenders of customs laws are penalised.”
Modernisation and International Cooperation
Adeniyi also highlighted the NCS’s modernisation efforts, moving towards automated processes and engaging stakeholders to meet modernisation deliverables. On trade agreements, he said, “The service is working closely with relevant stakeholders to ensure that the implementation of trade agreements like the African Continental Free Trade Area yields the desired benefits to Nigerians.”
He announced a new joint border post project with Benin Customs and ongoing collaborations with international agencies to bolster national security.
“The Nigeria Customs Service will continue to work tirelessly to ensure that the business of food hoarders is unprofitable to tackle food inflation,” Adeniyi concluded.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
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