Customs Collects N6.1 Trillion in Revenue for 2024, Targets N8 Trillion in 2025
Implementation of 150-Day Free Import Policy for Food Items Ongoing
By Philip Shimnom Clement

The Comptroller General of the Nigeria Customs Service (NCS), Adewale Adeniyi, has announced that the Service collected an unprecedented N6.1 trillion in revenue for 2024. He made this disclosure during a press briefing in Abuja on Tuesday while presenting the agency’s performance report for the year.

According to Adeniyi, the 2024 revenue marks a 90.4 percent increase compared to the N3.2 trillion recorded in 2023. “In 2024, we collected a total sum of N6.1 trillion, surpassing our target of N5.07 trillion by N1.026 trillion, which represents a 22 percent increase over our 2024 target,” Adeniyi explained.

Breaking down the revenue, Adeniyi highlighted three main components:

1. Federation Accounts: N3.6 trillion.
2. Non-Federation Accounts Levies: N816.9 billion.
3. Value-Added Tax (VAT): N1.6 trillion.

He noted that despite concessions amounting to N1.68 trillion to support various economic sectors, the Service still achieved record-breaking collections.

Looking ahead, Adeniyi revealed that the federal government has set an ambitious revenue target of N8 trillion for the Customs Service in 2025. To achieve this, the Service plans to leverage its newly developed revenue collection technology, introduced in late 2024 under the Trade Modernisation Project, dubbed “Odogwu.”

On the implementation of the federal government’s 150-day free import policy for food items, Adeniyi stated that significant progress has been made. “A large quantity of husked rice was imported into the country in December,” he disclosed. He added that the Ministry of Finance would soon publish details of importers who benefited from the policy.

This achievement underscores the Customs Service's commitment to driving economic growth and supporting government initiatives through innovative strategies.