FG Sets ₦6.58 Trillion Revenue Benchmark as Customs Breaks Records with ₦6.1 Trillion Collection in 2024
The Federal Government has set a new revenue target of ₦6.58 trillion for the Nigeria Customs Service (NCS) in 2025, following the agency’s record-breaking revenue collection of ₦6.1 trillion in 2024. This achievement surpasses the 2024 target of ₦5.08 trillion by an impressive ₦1.03 trillion.
The Comptroller-General of Customs, Bashir Adewale Adeniyi, disclosed this during a press briefing at the NCS headquarters in Maitama, Abuja, on Tuesday, January 14, 2025. He described the accomplishment as a milestone, noting a 20.2% increase above the target and a 90.4% rise compared to the ₦3.2 trillion collected in 2023.
Adeniyi attributed the historic feat to the NCS’s adaptability, strategic reforms, and effective implementation of policies, despite a challenging economic environment. He emphasized that the achievement marked the highest year-on-year revenue growth in recent times, surpassing the 52.24% growth recorded in 2022.
Breakdown of 2024 Revenue
The total revenue collected in 2024 comprised three major components:
- Federation Account Collections: ₦3.66 trillion, including import duties, excise duties, fees, e-auction proceeds, and CET levies.
- Non-Federation Account Levies: ₦816.9 billion.
- Value Added Tax (VAT) on Imports: ₦1.63 trillion.
The highest monthly revenue collection of ₦603.17 billion was recorded in October 2024, further highlighting the agency's performance.
Economic Stimulus through Concessions
Despite granting significant concessions worth ₦1.68 trillion to support economic growth, industrial development, and a favorable business environment, the NCS achieved its revenue target. The concessions included:
- ₦723 billion in import duty waivers.
- ₦372.6 billion in other levy concessions.
- ₦586.65 billion in import VAT relief.
Adeniyi noted that the 2024 concession value represented a reduction from the ₦3.96 trillion recorded in 2023, achieved through enhanced monitoring and reforms to prevent abuses in the concession process.
Anti-Smuggling Successes
The NCS also excelled in anti-smuggling operations, seizing over 1.7 million liters of petroleum products diverted to neighboring countries and arresting 55 suspects linked to smuggling activities. These efforts reflect the agency’s commitment to safeguarding national revenue and economic interests.
2025 Strategic Goals
Looking ahead, Adeniyi outlined the NCS’s strategic priorities for 2025, aligned with President Bola Ahmed Tinubu’s policy objectives and the United Nations Sustainable Development Goals (SDGs). Key focus areas include:
- Full deployment of trade modernization initiatives, including the nationwide rollout of the B’Odogwu platform.
- Implementation of the Authorized Economic Operator (AEO) programme.
- Enhanced risk management through technology integration.
- Operationalization of the Nigeria Customs Service University for Trade and Technology.
- Strengthening international partnerships under the AfCFTA framework.
- Launching a robust Corporate Social Responsibility (CSR) strategy.
Additionally, the agency plans to complete transformative projects, including the operationalization of its new corporate headquarters, deployment of advanced scanning systems at ports, and further investments in digital transformation and human capital development.
A Call for Stakeholder Support
Adeniyi expressed confidence in the agency’s ability to exceed its 2025 revenue target, emphasizing the importance of stakeholder support and the dedication of Customs personnel. "With our enhanced capabilities and commitment, we are poised to deliver even greater achievements in the coming year," he concluded.
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