Business News of Wednesday, 15 January 2025

Source: www.mynigeria.com

Customs exceeds 2024 revenue target by 20.2%

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The Nigeria Customs Service (NCS) has disclosed that it has made an amount of N6.105 trillion in 2024, surpassing its revenue collection goal for the year by 20.2 per cent.

NCS's performance was driven by a 179.3 per cent rise in total value of trade processed to N196.94 billion in 2024 from N70.5 trillion in 2023.

According to the agency, in 2024, it made 3,555 seizures with Duty Paid Value (DPV) of N35.29 billion.

The Comptroller-General of Customs (CGC), Mr. Adewale Adeniyi, made this known on January 14, 2025, while briefing the press on the 2024 achievements of the organization in Abuja.

He said: “The NCS has again recorded another unprecedented performance in revenue collection for the year 2024.

"The Service collected 6.105 trillion, surpassing our target of 5.079 trillion by 1.026 trillion, representing a 20.2 percent increase above the target.

“This remarkable achievement represents a significant 90.4 percent increase from our 2023 collection of 3.206 trillion.

"The growth is historic as it marks the highest Year-on-Year increase recorded by the Service in recent times, surpassing the 52.24 percent growth recorded in 2022 by 38.18 percentage points.

“Additionally, the Service achieved another milestone in October 2024 by recording the highest monthly collection ever of 603.171 billion."