Over 572 Seizures Made: Customs Generates N10 Billion Duty-Paid Value

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The Nigeria Customs Service (NCS) has reported a significant revenue milestone for the first quarter of 2024, announcing a total revenue generation of N1.3 trillion. Comptroller General of Customs, Adewale Adeniyi, revealed this achievement during a press briefing in Abuja, highlighting the remarkable performance in revenue collection.

Adeniyi disclosed that the NCS recorded over 572 seizures with a duty-paid value amounting to N10 billion. This surge in revenue represents a substantial increase of 122.35% compared to the same period last year, surpassing the Federal Government’s annual revenue target for the Service.

Additionally, the NCS generated N1.6 billion through its electronic auction platform inaugurated earlier in the quarter, demonstrating innovative revenue collection methods.

However, Adeniyi acknowledged challenges posed by fluctuations in the exchange rate regime, which disrupted customs activities. He cited a total of 28 directed rates by the Central Bank of Nigeria (CBN) during the quarter, ranging from NGN 951.94 per USD 1 to NGN 1,662.35 per USD 1. These fluctuations, with an average applied rate of NGN 1,314.03 per USD 1, have impacted stakeholders and import activities.

Despite these challenges, Adeniyi expressed optimism about recent stability and noted collaborative efforts with the Minister of Finance to mitigate the potential impact of exchange rate fluctuations. The NCS remains committed to its revenue targets and efficient service delivery amidst evolving economic conditions.


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Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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