The Nigeria Customs Service has generated 1.3 trillion naira in revenue during the first quarter of 2024, with over 572 seizures made. This represents a substantial increase compared to the same period last year. The Customs Service also generated 1.6 billion naira through its electronic auction platform.
A total of 1.3 trillion naira worth of revenue has been generated by the Nigeria Customs Service in the first quarter of 2024.Speaking during a press briefing on Wednesday, the Comptroller General of Customs, Adewale Adeniyi, explained that over 572 seizures were made with a duty paid value of N10bn.
“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.” He said, “In the last quarter, a total of 28 rates were directed by the CBN, ranging from NGN 951.94 per USD 1 in January 2024 to a peak of NGN 1,662.35 per USD 1 in February 2024. While a singular exchange rate of NGN951.94 per USD 1 was maintained in January, February witnessed 15 different spot rates ranging from NGN 951.94 per USD 1 to NGN 1,662.35 per USD 1.
Nigeria Customs Service Revenue Q1 2024 Seizures Electronic Auction Platform
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