By Sabiu Abdullahi
The Nigeria Customs Service (NCS) has reported a revenue collection of ₦1.75 trillion for the first quarter of 2025, surpassing its target of ₦1.645 trillion by ₦106.5 billion.
This marks a performance rate of 106.47%.
Speaking in Abuja on the agency’s performance, Comptroller General of Customs, Bashir Adewale Adeniyi, reaffirmed the NCS’s commitment to achieving its annual revenue target of ₦6.58 trillion.
“Let me summarize where we stand after Q1: We’ve collected ₦1.75 trillion despite economic headwinds, intercepted ₦7.7 billion worth of smuggled goods, and rolled out practical solutions like the B’Odogwu platform. The numbers show we’re delivering,” he stated.
He noted that this revenue represents a 29.96% increase compared to the ₦1.34 trillion recorded in the same period of 2024.
A month-by-month analysis revealed steady growth, with January generating ₦647.88 billion—18.12% above its target and a 65.77% rise year-on-year.
In February, revenue totaled ₦540.1 billion, exceeding projections by 1.3% and showing a 19.97% increase from the previous year.
March continued the upward trend with ₦563.52 billion, surpassing its target by 2.7% and reflecting an 11.22% growth over March 2024.
“The 29.96% annual increase and steady monthly collections confirm our strategy is working. We’ll maintain this momentum through rigorous enforcement and strengthened partnerships,” Adeniyi added.
On anti-smuggling efforts, he revealed that NCS recorded 298 seizures in the first quarter, with a total Duty Paid Value (DPV) of ₦7.69 billion.
This represents a 78.41% increase from the ₦4.31 billion recorded in Q4 2024, though it remains 19.70% lower than Q1 2024’s ₦9.58 billion.
Adeniyi acknowledged exchange rate fluctuations as a major challenge during the quarter.
“During Q1 2025, we recorded 62 changes in the exchange rate, ranging from a minimum of ₦1,477.72 to a maximum of ₦1,569.53 per USD, with an average rate of ₦1,521.59,” he explained.
He expressed appreciation for the dedication of NCS officers, emphasizing their role in the agency’s success.
“Your commitment continues to drive our achievements and reinforces our position as a critical institution in Nigeria’s economic and security architecture.
“We also acknowledge the support of the Federal Government, particularly His Excellency, President Bola Ahmed Tinubu, GCFR, and the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Olawale Edun, for their guidance and enabling environment that have facilitated our operations.
“To our stakeholders – the trading community, partner government agencies, and international partners – we appreciate your cooperation and constructive engagement. We remain committed to fostering these relationships as we work together to advance Nigeria’s trade interests and economic development.”