The Nigeria Customs Service (NCS) has reported an impressive revenue generation of ₦1.3 trillion in the first quarter of 2024.
This remarkable milestone was revealed by the Comptroller General of Customs, Adewale Adeniyi, during a press briefing held on Wednesday.
Addressing the media, Adeniyi highlighted the outstanding performance of the NCS in revenue collection, citing a total of 572 seizures with a duty-paid value of ₦10 billion during the period. The total revenue generated, amounting to ₦1,347,675,608,972.75, represents a substantial increase of 122.35% compared to the same period last year, where revenue stood at ₦606,119,935,146.67.
Furthermore, Adeniyi disclosed that the NCS successfully generated ₦1.6 billion through its electronic auction platform, which was launched in the first quarter of the year. This innovative initiative has provided a transparent and efficient mechanism for disposing of seized goods, contributing to the overall revenue generation efforts of the service.
Despite the commendable performance, Adeniyi acknowledged the challenges faced by the NCS, particularly in dealing with fluctuations in the exchange rate regime. He highlighted the disruptive impact of exchange rate fluctuations on the service’s activities, citing a total of 28 different rates directed by the Central Bank of Nigeria (CBN) during the last quarter.
The exchange rate volatility, ranging from ₦951.94 per USD 1 in January 2024 to a peak of ₦1,662.35 per USD 1 in February 2024, posed operational challenges for the NCS. Adeniyi noted that while a singular exchange rate of ₦951.94 per USD 1 was maintained in January, February witnessed 15 different spot rates, further complicating the financial landscape for the service.
