Customs Generates N1.35trn, Exceeds Targets By 122% In Q1 2024

…records N10.59bn seizures

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Despite the unstable exchange rate on import duty, the Nigeria Customs Service (NCS) has generated N1.35 trillion in the first quarter of 2024.

The amount is 122.35 per cent higher than the N606.1 billion recorded within the same period in 2023.

The Comptroller General of the service, Adewale Adeniyi explained on Wednesday in Abuja that in January the revenue surged by 95.6 per cent compared to January 2023.

However, Adeniyi said that the fluctuations in the exchange rate and non-compliance to regulations were among the challenges that significantly affected the activities of the service.

He attributed the revenue performance to the introduction of reforms such as the e-auction which yielded a total of N1.6 billion for the period of February and March 2024.

Also, Adeniyi noted that the service made a total of 572 seizures amounting to N10.59 billion.

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