The Nigeria Customs Service (NCS) has disclosed that it collected a total revenue of N6.1 trillion in 2024.
Comptroller-General of Customs, Bashir Adeniyi, according to a statement, disclosed this at a press briefing in Abuja.
The collection marks the highest revenue ever recorded by the Service, surpassing its 2024 target of N5.08 trillion by N1.03 trillion representing a 20.2 per cent increase above the target.
“The Service collected a total sum of N6,105,315,543,489.50 (Six Trillion, One Hundred and Five Billion, Three Hundred and Fifteen Million, Five Hundred and Forty-Three Thousand, Four Hundred and Eighty-Nine Naira, Fifty Kobo), surpassing our target of N5,079,069,866,085.50 by N1,026,245,677,404.00, representing a 20.2% increase above the target,” Adeniyi said.
He further stated that the 2024 revenue figure also represents a remarkable 90.4 per cent increase from the N3.21 trillion collected in 2023, describing the growth as historic.
According to him, it far exceeded the 52.24 per cent year-on-year increase recorded in 2022 by an additional 38.18 percentage points.
Adeniyi further disclosed that the Service also achieved another significant milestone in October 2024, recording its highest-ever monthly revenue of N603.17 billion.
On the revenue components of the Service for 2024, he highlighted three main categories: Federation account collections: The sum of N3.66 trillion was collected, including import duty, excise duty, fees, e-auction proceeds, and CET levy; Non-federation account levies: A total of N816.90 billion was collected under this category; and Value Added Tax (VAT): The Service collected N1.63 trillion in VAT on imports.
Adeniyi highlighted that these collections were achieved despite granting significant concessions amounting to N1.68 trillion to support various sectors of the economy.
These included N723 billion in import duty waivers, N372.65 billion in other levy concessions, and N586.65 billion in import VAT relief.
He explained that the 2024 concession value was notably reduced from N3.96 trillion in 2023, a direct result of enhanced monitoring mechanisms and strategic reforms aimed at blocking loopholes and ensuring only qualified enterprises benefited from the incentives.
