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Customs Generated N2.54T In H1 2024, Thanks To E-auction, 90-day Duty Payment Window For Uncustomed Vehicles
Customs generated N2.74 trillion in revenue between January and June, surpasses its target of N2.54 trillion by 8%.
Says success aided by the e-auction platform (N1.3B) and the 90-day duty payment window for uncustomed vehicles (N4.37B).
The Nigeria Customs Service (NCS) says it generated N2.74 trillion in revenue during the first half of 2024 (January and June), which it said surpasses its target of N2.54 trillion for the period by 8 percent.
This figures also represent an increase of 127% compared to the revenue generated in the corresponding period of 2023 despite a decline in cargo throughput during the period.
In addition, Customs says it collected N1.395 trillion for the second quarter, which also exceeded the quarterly target by 10% and represented a 131% increase over Q2 2023.
The Nigeria Customs Service made this known in its mid-year performance report, which highlighted its core mandates of revenue collection, trade facilitation, and societal protection.
According to the agency, the remarkable success in the first half of 2024 was aided by the e-auction platform as well as the 90-day window for the regularisation of import duties on vehicles improperly imported into the country.
“Key initiatives contributing to this success include the e-auction platform, which generated over N1.34 billion, and the 90-day duty payment window for uncustomed vehicles, adding N4.37 billion to the revenue. These measures have significantly enhanced transparency, compliance, and efficiency in customs processes, underscoring the NCS’s commitment to excellence.
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“The Service intensified its anti-smuggling operations in the first half of 2024, resulting in notable achievements. From January to June 2024, the NCS made 2,442 seizures with a Duty Paid Value (DPV) of NGN 25,520,652,942.87, which is 203% higher than the DPV of seizures in the first half of 2023.
“In the second quarter of 2024, the NCS made 1,334 seizures with a DPV of NGN 17,564,384,378, representing a 121% increase over the first quarter of 2024. The top items seized include wildlife items, vehicles, arms and ammunition, foreign rice, pharmaceuticals, and narcotics, with 32 suspects in custody.
“Trade facilitation remains a core priority for the NCS. In the first half of 2024, the Service processed 620,467 Single Goods Declarations (SGDs), reflecting a reduction of approximately 39% compared to the same period in 2023.
Despite the achievements, the NCS also highlighted some of the challenges faced in the first half of 2024, which it said included significant fluctuations in the exchange rate, a lower volume of transactions, low compliance levels among importers and exporters, and periodic downtime.
“These challenges impacted the consistency of revenue collection and overall operational efficiency. To address these challenges and enhance revenue collection, the NCS implemented several strategies, including real-time system auditing, post-clearance audits, verification of documents for the Pre-Arrival Assessment Report (PAAR), ensuring compliance with import guidelines, and the implementation of a pilot test for the Authorized Economic Operators (AEO) scheme.”
