The Nigeria Customs Service (NCS) announced that it has surpassed its revenue target for the first half of 2024, collecting a total of N2.74 trillion.

In a statement by the spokesman of NCS, Abdullahi Maiwada, on Monday, the mid-year performance report of the service revealed that although the target was set at N2.54 trillion, the NCS managed to surpass it by 8 per cent, marking a 127 per cent increase over the previous year's revenue.

"A breakdown of the revenue for the quarter under review showed that N1.395 trillion was collected for the second quarter, exceeding the quarterly target by 10 per cent and representing a 131 per cent increase over Q2 2023," the statement reads in part.

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 un-customed vehicles, adding N4.37 billion to the revenue. These measures have significantly enhanced transparency, compliance, and efficiency in customs processes.

Maiwada added that customs 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 N25.5 billion, which is 203 per cent 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 about N17.6 billion, representing a 121 per cent 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," he said.

Despite these achievements, Maiwada noted that there were challenges impacting the consistency of revenue collection and overall operational efficiency. To address these challenges and enhance revenue collection, the NCS has 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 Authorised Economic Operators (AEO) scheme.

Culled from Daily Trust