The Nigeria Customs Service has generated a revenue of 1.3 trillion naira in the first quarter of 2024.
The Comptroller General of Customs, Adewale Adeniyi, during a press briefing on Wednesday, stated that there were more than 572 seizures with a duty paid value of 10 billion naira.
“The NCS has shown an impressive performance in revenue collection for the first quarter of 2024, with a total revenue of NGN 1,347,675,608,972.75. This represents a significant increase of 122.35% compared to the same period last year, which was NGN 606,119,935,146.67,” he said.
“When compared to the Federal government’s annual revenue target of NGN 5.07 trillion for the NCS to collect in 2024, the target translates to a monthly revenue target of NGN 423 billion.”
Adeniyi also a total of N1.6 billion was generated through its electronic auction platform launched in the first quarter of the year.
The Customs boss, however, said that the Service encountered major challenge in the fluctuations of the exchange rate regime which he said has disrupted its activities.
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He stated, “In the last quarter, the CBN set a total of 28 exchange rates, starting from NGN 951.94 to USD 1 in January 2024, and reaching a high of NGN 1,662.35 to USD 1 in February 2024. January maintained a steady rate of NGN 951.94 to USD 1, while February saw 15 different spot rates, ranging from NGN 951.94 to NGN 1,662.35 to USD 1.
“March experienced 13 distinct spot rates, varying from NGN 1,303.84 to NGN 1,630.16. These fluctuations led to an average exchange rate of NGN 1,314.03 to USD 1 for clearing Customs goods during the quarter.
“The volatility of these rates has raised concerns among our stakeholders, impacting and disrupting operations.”
Adeniyi, on the other hand, was pleased with the recent stability and noted that the Service, with backing from the Minister of Finance, Wale Edun, has begun regular consultations with the central bank to lessen the potential effects of exchange rate volatility on import activities.”
