Targets N5trn revenue in 2024
The Nigerian Customs Service (NCS), on Wednesday, announced that it recorded an impressive 21.4% in revenue collection during the fiscal year 2023 and reflects its commitment to optimizing revenue generation for the Federal Government.
It attributed the achievement to various initiatives and strategies implemented by the Service to enhance revenue optimization.
The Comptroller-General of Customs, Bashir Adewale Adeniyi, disclosed this in Abuja, at the press briefing, saying the agency is targeting N5.79 trillion as revenue in 2024.
He explained that the significant increase in revenue collection by the service is expected to have a positive impact on the country’s economy.
He mentioned that the Service will continue to invest in modernizing its operations, strengthening collaboration with stakeholders, and intensifying training programs for its personnel to further enhance revenue generation.
Adeniyi said: “In the fiscal year 2023, the Nigeria Customs Service’s (NCS) achieved a significant milestone by recording a total revenue collection of NGN 3,206,603,417,315.47, marking a noteworthy 21.4% increase from the preceding year’s total revenue of NGN 2,641,616,673,501.83.
“This growth aligns with the NCS’s consistent upward trajectory, as evidenced by a 17.88% revenue increase in 2022. The consecutive expansion in revenue underscores the Service’s sustained efforts in optimizing revenue collection for the Federal Government and exemplifies our ability to adapt to dynamic economic conditions.”
Adeniyi also acknowledged the challenges faced by NSC led to a revenue shortfall of NGN 532 billion in the first half of the year, falling short of the projected revenue target of NGN 1.84 trillion.
The Comptroller-General emphasized that the NCS remains committed to creating a business-friendly environment for trade while ensuring strict compliance with customs regulations and protocols.
He added, “A positive transformation occurred in the later part of the year, following my appointment as the Comptroller-General in July. This was accompanied by a merit-based reconstitution of the management team, resulting in a significant shift that enabled the Service to exceed monthly revenue targets by 6.71% for the first time in 2023.
“Monthly revenue collection for the latter half of the year averaged NGN 332.9 billion, a substantial increase from the initial NGN 201.7 billion recorded in the first half of the year. This positive trend can be attributed to strategic measures, including the immediate establishment of a Revenue Review Recovery Team and the dissolution of existing Strike Force Teams, streamlining enforcement under the Federal Operations Unit (FOU).
“Additionally, strategic reassignments of Customs Area Controllers, the creation of an ideas bank, and extensive stakeholder engagements collectively contributed to this impressive resurgence.
“The improved revenue collection in the latter half of 2023 played a crucial role in significantly reducing the revenue shortfall by 10%, decreasing from NGN 532 billion to NGN 478 billion by year-end. This calculation is based on the government’s projected revenue collection by the Nigeria Customs Service (NCS) of NGN 3.684 trillion and the actual collection of NGN 3.206 trillion.”
