By Sabiu Abdullahi
The Nigeria Customs Service (NCS) has achieved an unprecedented success in revenue collection for 2024 after surpassing its target by a significant margin.
This was revealed in a summary of all revenues collected by the service as seen below:
The total revenue collected reached NGN6.105 trillion, representing a 20.2% increase over the 2024 target of NGN5.079 trillion.
This remarkable figure also reflects a 90.4% increase compared to the 2023 collection of NGN3.206 trillion.
Several factors have contributed to this outstanding performance, including increased trade activities and intensified enforcement measures by the NCS.
The highest monthly collection ever recorded was in October 2024, with NGN604 billion.
Federation revenue amounted to NGN3.657 trillion, while non-federation revenue totaled NGN816 billion.
Import VAT collection reached NGN1.631 trillion, and concessions granted to stimulate economic growth amounted to NGN1.682 trillion.
Furthermore, the NCS recorded a significant reduction in concessions, with a 57.52% decrease compared to the NGN3.959 trillion granted in 2023.
Regarding waivers, duty waivers totaled NGN723 billion, levy waivers amounted to NGN372.65 billion, and VAT waivers reached NGN586.65 billion.
The service has implemented various strategies, including the deployment of modern technology and strengthening its enforcement capabilities.