The Nigeria Customs Service has announced that as an agency, they have gathered a total amount of N4.28tn as revenue between January and September 2024.
A close look at a document obtained by journalists on Sunday, stated that the N4.28tn represents a 33 per cent increase compared to the N3.21tn the service collected as revenue in the previous year.
The service also said that the year-on-year improvements in import duty collection highlights a remarkable improvement by measures put in place by the Central Bank of Nigeria and commercial banks following the adoption of digital infrastructure.
With this latest 2024 performance, the service now has an outstanding N981bn for the fourth quarter to meet its target of N5.1tn for the 2024 full year.
According to the statement, it said : “The NCS has been able to generate revenue from January to September 2024 to the tune of N4.28tn while in the corresponding year, 2023, the service was able to generate a revenue sum of N3.21tn as also compared to the year, 2022 when the service was able to generate the sum of N2.60tn”
It further stated that the measure has in turn assisted the service in improving transparency and accountability in handling its duties of operations.
Customs nailed their latest achievements to the use of digital platforms such as the e-payment systems that were integrated into the NCS’s digital infrastructure which allows for seamless import duty payment and reduced revenue leakages.
It added that systems like the Advance Ruling System helped in taking care of instances of duty evasion and underreporting, which had been major challenges experienced in the past.
“The NCS Modernisation Project provides a transparent and traceable record of all transactions. This enhances accountability, such that once duty payments are logged, they cannot be altered or deleted. Combined with real-time audit capabilities, this makes it difficult to manipulate Import data, significantly enhancing transparency,” the service stated.
On his part, while reacting to the surge in revenue, the Chairman of Ports & Terminal Multipurpose Limited of the National Council of Managing Directors of Licensed Customs Agents, Mr Abayomi Duyile, said the exchange rate fluctuations contributed to the increase in revenue gathered by the agency.
While speaking, he stated that : “Exchange rate is the major cause. Look at the volume now, it is low compared to that of last year, you will find out that they are making more money. Because if the volume is low and they are making more money it is an exchange rate factor.
“As of last year, I think the exchange rate was less than N1,000/$. But as we speak today, it is over N1,600/$ and that is why they are making more money even though the volume of import has drastically reduced,” he said.
Also speaking, the Youth Leader of the Tincan Island Chapter of the Association of Nigerian Licensed Customs Agents, Sikiru Remilekun, linked the increase to the introduction of Vehicles Identification Numbers for the valuation of imported vehicles, as well as the exchange rate.
“The maritime sector has experienced some significant growth in the past few years. The growth is a result of the introduction of the VIN which automatically scraps off the old ways of valuation. This method reduces human interference and most importantly, you automatically get your values systematically also the constant increases in exchange rate are another factor that led to the increase in revenue.
“Another reason is that the government is deliberately promoting and boosting exportation to balance the trade of the economy. So going forward, the customs revenue collector will surely experience growth every year,” he stated.
