Not less than N1.34 trillion has been generated by the Nigeria Customs Service (NCS) in the first quarter of 2024, the Comptroller General of Customs, Alhaji Adewale Adeniyi has said.
This is coming on the heels of the N5.079 trillion revenue target given to the Customs High Command for the year 2024 by the Federal Government.
He also disclosed that not less than N318 billion was lost to exemptions, waivers and concessions granted to companies within the period under review.
In the same vein, 478 seizures amounting to N1.9 trillion were made by its operatives in the same period.
The NCS boss revealed these figures while appearing before the House of Representatives Committee on Finance.
His appearance at the lower chamber of the National Assembly was sequel to the ongoing probe to monitor revenues generated by Ministries, Departments and Agencies (MDAs) under the purview of the Federal Government.
According to the Customs Chief, with a projected revenue target of N1.269 trillion for the first quarter of 2024, the agency surpassed its revenue target by N77 billion.
Adeniyi noted that the suspension of excise policy on carbonated drinks, single used plastics, telecommunication and others in the 2024 fiscal policy measures, adversely affected revenue generated by the NCS.
His words: “The monthly expected average revenue target stood at N423, 255, 822, 173.79; the collection for January recorded a shortfall of 7.66 per cent on the target while February denoted an excess of 6.37 per cent and, the month of March equally represented a positive variance of 19.71 per cent of its respective monthly estimates. On aggregate, within the first quarter of 2024, with the total projected revenue of N1,269,767,466,521.38, the sum of N1,347,705,251,658.31 was collected, which recorded a significant improvement of 6.14 per cent higher than the periodic target.”
According to him, the service performed remarkably well in terms of revenue generation within the first quarter of 2024 with 6.14 percent above the periodic target.
Adeniyi revealed that NCS contribution to the annual revenue target as at March 31, 2024 stood at 26.53 per cent just as he added that the trade balance was positive at an advantage of 84.58 per cent.
The NCS boss also disclosed that the volume of cargo throughput has reduced compared to previous years.
Apparently giving reasons for the development, he stated that the volatility of the exchange rate was responsible.
His words: “The volume of cargo that has been coming to our port in the first quarter has dropped by about 5.14 per cent of what we saw in 2023. The cargo throughput has reduced because of the volatility of the exchange rate and value of dollar. The reduction in volume of cargo has impacted our revenues.”
In his remarks, the Deputy Chairman of the Committee, Hon. Saidu Abdullahi said NCS would have generated more income into Nigeria’s Consolidated Revenue Fund in the first quarter without the waivers and concessions arrangements.
The legislator tapped Adenyi on the back for surpassing NCS quarterly revenue target. He however enjoined the NCS boss to double up and do more in the months ahead.
His words: “I must encourage you to do more. I can see a man that knows his worth. But you can do well. You said your target is N5 trillion but you can make it N6 trillion and the whole country will celebrate you.”
