The Nigeria Customs Service (NCS) announced a significant increase in revenue, generating ₦1.347 trillion between January and March 2024, surpassing the ₦606 billion collected during the same period last year by 122.35 percent.
Comptroller General of Customs, Adewale Adeniyi, revealed this during a press briefing on the agency’s Q1 activities, stating that the total revenue collected represented a substantial increase compared to the previous year.
During this period, the agency made 572 seizures valued at ₦10.59 billion, with rice, petroleum products, and motor vehicles comprising the majority of seizures.
Adeniyi mentioned ongoing consultations with the Central Bank of Nigeria (CBN) to address exchange rate fluctuations affecting import operations, emphasizing collaborative efforts with the Minister of Finance.
He clarified that there have been no alterations to clearance rates for vehicles and highlighted improvements in communication with CBN compared to previous practices.
Regarding the newly introduced e-auction platform, Adeniyi noted that the Federal Government generated ₦1.6 billion in revenue during February and March 2024 through this initiative.
