The Nigeria Customs Service (NCS) has reported a significant revenue generation of N1.3 trillion for the first quarter of 2024. The Comptroller General of Customs, Adewale Adeniyi, revealed that during this period, the NCS made over 572 seizures with a duty-paid value of N10 billion.
Speaking at a press briefing in Abuja on Wednesday, Adeniyi highlighted the impressive performance of the NCS in revenue collection, noting that the total revenue collected in the first quarter amounted to NGN 1,347,675,608,972.75. This represents a substantial increase of 122.35% compared to the same period last year, where revenue collected was NGN 606,119,935,146.67.
Adeniyi also mentioned that N1.6 billion was generated through the electronic auction platform inaugurated by the NCS in the first quarter of the year.
However, Adeniyi pointed out a major challenge faced by the Service, which is the fluctuations in the exchange rate regime, disrupting its activities. He highlighted that in the last quarter, the Central Bank of Nigeria (CBN) directed a total of 28 exchange rates, ranging from NGN 951.94 per USD 1 in January 2024 to a peak of NGN 1,662.35 per USD 1 in February 2024. These fluctuations led to an average applied exchange rate of NGN 1,314.03 per USD 1 in the clearance of customs goods during the quarter.
Adeniyi expressed concern over the repercussions of these fluctuating rates on stakeholders and activities. However, he expressed optimism about the relative stability in recent days and mentioned that the NCS, with the support of the Minister of Finance, Wale Edun, has initiated periodic consultations with the CBN to mitigate the potential impact of exchange rate fluctuations on import activities.
