Customs Generates ₦1.3 trn In Q1 2024, Move To Stop Fluctuations In Foreign Exchange Rate

Nigeria Customs Service (NCS) said it generated ₦1.347 trillion in revenue between January and March 2024.

Revenue between January and March surpasses the over ₦606b collected during the same period last year by 122.35 per cent.

NCS says it has commenced consultations with CBN to stop recurrence of exchange rate fluctuations on import operations.

The Nigeria Customs Service (NCS) said it generated ₦1.347 trillion in revenue between January and March of 2024, which surpasses the over ₦606 billion collected during the same period last year by 122.35 per cent.

Comptroller General of Customs, Adewale Adeniyi, gave the update during a press briefing on the agency’s activities in the first quarter (Q1) of 2024 on Wednesday.

“The total revenue collected during this period amounted to ₦1,347,675,608,972.75,” Adeniyi said during the press briefing on Wednesday.

“The collection for the first quarter represents a substantial increase of 122.35 percent compared to the same period last year, where ₦606,119,935,146.67 was collected.”

During the quarter being assessed, Adeniyi said the agency made 572 seizures with Duty Paid Value (DPV) of ₦10.59 billion, with rice, petroleum products and motor vehicles making up 39%, 26% and 6% percent of the total seizures, respectively.

Speaking further, he said the Customs, in collaboration with the Minister of Finance, has commenced consultations with the Central Bank of Nigeria (CBN) to stop recurrence of the exchange rate fluctuations on import operations.

“We have not done anything to alter the rates. The rates for clearance for vehicles remain the same. We are monitoring the situation. Unlike in the previous dispensation when CBN was lord unto themselves; when nobody could talk to them, this one is better,” he stated.

On the newly introduced e-auction platform, the Comptroller General of Customs said that the Federal Government realized ₦1.6 billion as revenue for the period of February and March 2024.

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