‘Record-breaking!’ Nigeria Customs Service Hits Historic Revenue Milestone with N6.1 Trillion Collection in 2024

The Nigeria Customs Service (NCS) achieved a groundbreaking revenue collection of N6.1 trillion in 2024, marking a 90.4 percent increase from the N3.2 trillion generated in 2023. This achievement, which surpasses the 2024 revenue target of N5.07 trillion by 22 percent, was announced by the Comptroller General of the NCS, Bashir Adeniyi, during a press briefing in Abuja on Tuesday.

“Unprecedented performance in 2024, the service recorded N6.105.315 trillion. This is above the N5.07 trillion 2024 revenue target by 22 percent,”

Adeniyi stated.

He further revealed that October was the service’s most successful month, with a record N603 billion collected.

MMIA Command Achieves Record-Breaking Growth
In a related development, the Murtala Muhammed International Airport (MMIA) Command of the NCS set a new financial record in 2024, generating N71.63 billion in revenue, a 135 percent increase from the N41.13 billion collected in 2023. The Command exceeded its revenue target of N56.86 billion by 20 percent, making 2024 its most successful year to date.

Effiong Harrison, Customs Area Controller of the MMIA Command, attributed the record-breaking performance to the dedication and high standards maintained by the officers and personnel.

“The success of this command is a result of the dedication, commitment, and adherence to high operational standards by officers and men of the command,”

Harrison stated in an official release.

July 2024 emerged as the Command’s most lucrative month, with a revenue haul of N12.08 billion—the highest monthly collection in its history. This achievement reflects a significant leap compared to a decade ago, when the Command generated over N20.11 billion in the first seven months of 2015, including N5.21 billion in July alone.

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Sources of Revenue
The NCS’s impressive revenue figures are attributed to several streams, including duties and taxes on imports and exports processed through the MMIA. A notable portion of the revenue was generated through the Passenger Baggage Entry System (PBES), which automates the declaration and taxation of goods brought in by international travelers.

Other revenue sources include import duties, excise taxes, levies on air cargo shipments, and fines for non-compliance with customs regulations. Harrison noted that the duty payable is calculated based on the invoice value of items presented by importers, ensuring transparency and accuracy.

Sustained Momentum into 2025
Looking ahead, Harrison urged officers to sustain and exceed the high performance levels achieved in 2024. “I want to urge the officers to intensify their efforts to maintain these standards in order to generate more revenue into the government coffers in 2025,” he said.

Sector-Wide Impact
The NCS’s achievements in 2024 underscore its role as a critical driver of government revenue and economic stability. Bashir Adeniyi commended the efforts of customs personnel nationwide, highlighting their commitment to modernizing customs operations and enhancing efficiency.

With the NCS achieving unprecedented milestones, the service is poised to sustain its upward trajectory in 2025, bolstering the federal government’s efforts to achieve fiscal sustainability and economic growth.

Details concerning Custom’s revenue increase to follow soon…