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Nigeria’s Customs revenue increases by 127% to N2.74tn in H1 2024

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2 years ago

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The Nigeria Customs Service revenue collection increased by 127 percent to N2.74 trillion in the first half of 2024, compared with the corresponding period last year.

Comptroller-General of Customs, Bashir Adeniyi, disclosed this in a statement released on Monday by the spokesperson of the Service, Abdullahi Maiwada.

He said the Service surpassed its H1 2024 target of N2.54 trillion by 8 percent.

Adeniyi said in the second Quarter of 2024, Customs collected N1.395 trillion as revenue, representing a 131 percent increase from the revenue recorded in Q2 2023.

He attributed the revenue increase to the e-auction platform, which generated over N1.34 billion, and the 90-day duty payment window for uncustomed vehicles with N4.37 billion to the revenue collected.

“The NCS has achieved remarkable success in the first half of 2024. With a half-year revenue target of N2.54 trillion, the Service has collected N2.74 trillion, surpassing the target by 8 percent and marking a 127 percent increase over the previous year’s revenue”, he stated.