Customs Cashes In! 2024 Revenue Hits Unprecedented 90% Growth

Customs Cashes In! 2024 Revenue Hits Unprecedented 90% Growth

The Nigeria Customs Service (NCS) surpassed its 2024 revenue target of ₦5.1 trillion by generating ₦6.1 trillion, an impressive 20.2% increase, according to Comptroller-General Adewale Adeniyi.

This achievement marks a historic 90.4% rise compared to ₦3.2 trillion collected in 2023. The NCS credited the success to strategic reforms, including enhanced monitoring and the reduction of concession-related loopholes.……READ MORE 

Key revenue components for 2024 include ₦3.66 trillion from federation account collections, ₦816.90 billion from non-federation levies, and ₦1.63 trillion from VAT.

Despite granting ₦1.68 trillion in concessions to support economic sectors, these reforms ensured transparency and genuine enterprise benefits.

In 2025, NCS plans to deploy trade modernization initiatives, including its Unified Customs Management System, expand the Authorized Economic Operator programme, and strengthen international partnerships to maintain its upward trajectory.