NCS GENERATES N1.3 TRILLION REVENUE FOR FIRST QUARTER OF 2024
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According to the Nigeria Customs Service, its income for the first quarter of 2024 was N1.3 trillion.
Adewale Adeniyi, Comptroller General of Customs, stated that more than 572 seizures totaling N10 billion in duty-paid value had occurred.
“In the first quarter of 2024, the NCS demonstrated remarkable performance in revenue collection,” he stated on Wednesday at a press event in Abuja. The total amount of money received over this time was NGN 1,347,675,608,972.75. The first quarter’s collection, which was NGN 606,119,935,146.67, is a significant rise of 122.35% over the same period in the previous year.
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“When compared to the Federal Government’s annual revenue target of NGN 5.07 trillion for the NCS to collect in 2024, the target translates to a monthly revenue target of NGN 423 billion.”
Additionally, Adeniyi stated that N1.6 billion was made via its electronic auction platform, which went live in the first quarter of this year.
However, the head of customs claimed that the swings in the currency rate regime presented a significant challenge to the service and disrupted its operations.
He said, “In the last quarter, a total of 28 rates were directed by the CBN, 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. While a singular exchange rate of NGN951.94 per USD 1 was maintained in January, February witnessed 15 different spot rates ranging from NGN 951.94 per USD 1 to NGN 1,662.35 per USD 1.
“March saw a total of 13 different spot rates applied, ranging from NGN 1,303.84 to NGN 1,630.16. 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.
“The repercussions of these fluctuating rates have sent concerning signals to our stakeholders, affecting and disrupting activities.”
Adeniyi, however, expressed delight in the relative stability in the past days, adding that the Service, with the support of the Minister of Finance, Wale Edun, has initiated periodic consultations with the apex bank to mitigate the potential impact of exchange rate fluctuations on import activities.”
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