Customs Collects ₦6.11 Trillion in 2024 as 2025 Target Rises to ₦12 Trillion

By Mo. Hanif

The Nigeria Customs Service (NCS) has achieved an unprecedented revenue milestone, collecting ₦6.11 trillion in 2024, a figure that exceeded its initial target of ₦5.08 trillion by an impressive ₦1.03 trillion. This represents a 20.2% increase and a 90.4% rise compared to the ₦3.21 trillion collected in 2023.

Comptroller-General of Customs Bashir Adewale Adeniyi, during a media briefing, described this achievement as historic, emphasizing that the NCS had set a record in October 2024 with its highest-ever monthly revenue collection of ₦603.17 billion.

The National Assembly Joint Committee on Finance, recognizing the agency’s capacity for revenue generation, has proposed a significant increase in the 2025 revenue target from the initial ₦6.5 trillion to ₦12 trillion in the appropriation bill.

Adeniyi highlighted that the agency deposited ₦3.66 trillion into the Federation Account in 2024, derived from import and excise duties, various fees, e-auctions, and the Common External Tariff (CET) levy. Additionally, ₦816.90 billion was generated from Non-Federation Account Levies, while ₦1.63 trillion came from Value Added Tax (VAT) on imports.

Despite granting concessions worth ₦1.68 trillion to support critical sectors, including ₦723 billion in import duty waivers and ₦586.65 billion in import VAT relief, the NCS managed to achieve this extraordinary revenue feat.

Trade statistics for 2024 showcased significant growth, with imports valued at ₦60.29 trillion, marking a 117.4% increase from ₦27.74 trillion in 2023. Export trade also soared, with CIF value reaching ₦136.65 trillion, a 219.5% rise from ₦42.77 trillion in the previous year.

The Comptroller-General attributed this success to strategic reforms, enhanced operational capabilities, and alignment with national economic goals. "We approach the challenges of 2025 with determination, building on our achievements and leveraging our enhanced capabilities," he stated.

As the NCS moves into 2025, the raised revenue target underscores the government’s confidence in its ability to drive economic growth and sustain its pivotal role in trade facilitation and revenue generation.