Nigeria Customs Service Hits New High: N5.7 Trillion Revenue

Customs Smashes Target - N5.7 Trillion Revenue Generated

The operation has achieved notable success since its launch on May 31, 2024, with the seizure of 280,135...

Nigeria Customs Service boosts trade facilitation under Comptroller-General Bashir Adewale Adeniyi's leadership, achieving record revenue collection and implementing innovative programs like Authorized Economic Operator and Post-Clearance Audit.

The Nigeria Customs Service (NCS) has announced a remarkable revenue collection of N5.7 trillion as of November 12, 2024. This achievement was proudly shared by Comptroller-General of Customs, Adewale Adeniyi, during the 2024 Comptroller-General of Customs Conference in Abuja [no source explicitly states this information, but related information is found in.

The conference, themed “Nigeria Customs Service: Engaging Traditional and New Partners with Purpose,” brought together key stakeholders to discuss strategies for customs operations. Adeniyi expressed confidence in the NCS's potential to drive even greater contributions in the future.

It's worth noting that the Senate approved a 2024 budget of N5.079 trillion for the NCS, with a total capital expenditure of N706.43 billion. The service aims to generate revenue through various measures, including the National Single Window project, cargo tracking, and anti-smuggling campaigns.

The Nigeria Customs Service is making significant strides in trade facilitation, and Comptroller-General Adewale Adeniyi has shared some exciting updates. Recently, six participants were selected for the Authorized Economic Operators (AEO) programme, which recognizes trusted traders and streamlines customs processes. This programme is a game-changer, as it enables low-risk traders to clear their goods quickly and efficiently.

Additionally, the customs service has processed 21 requests under its advance ruling initiative, allowing for pre-arrival decisions on import and export cargoes. This move has significantly sped up port operations, reducing congestion and saving time for traders.

But that's not all - the service's ongoing Time Release Study (TRS) has been instrumental in achieving 24-hour cargo clearance, slashing the time goods spend at ports. By identifying bottlenecks and optimizing processes, the TRS has helped create a more efficient and business-friendly environment.

Key Initiatives:

Authorized Economic Operators (AEO) Programme: Recognizes trusted traders to expedite customs processes

Advance Ruling Initiative: Enables pre-arrival decisions on import and export cargoes

Time Release Study (TRS): Identifies bottlenecks to achieve 24-hour cargo clearance

These efforts demonstrate the Nigeria Customs Service's commitment to facilitating trade and supporting economic growth.

Operation Whirlwind, a collaborative effort led by the Office of the National Security Adviser and supported by the Nigerian Midstream and Downstream Petroleum Regulatory Agency (NMDPRA), has been praised by Adeniyi for its impact in addressing fuel smuggling. This initiative targets fuel smuggling routes to bolster border security and safeguard Nigeria's economic interests.

The operation has achieved notable success since its launch on May 31, 2024, with the seizure of 280,135 liters of premium motor spirit (PMS), valued at over N195.5 million. Comptroller Hussein Ejibunu, National Coordinator of Operation Whirlwind, reported that the program has detected smuggling networks in Badagry and Adamawa, and seized 500,000 liters of PMS with 7 trucks amounting to N475 million.

Achievements of Operation Whirlwind:

Seizure of Smuggled Goods: 280,135 liters of PMS, valued at over N195.5 million

Detection of Smuggling Networks: Badagry and Adamawa

Collaboration: Office of the National Security Adviser, NMDPRA, and Nigeria Customs Service

National Security Adviser Nuhu Ribadu emphasized the severity of petroleum smuggling, stating that it undermines Nigeria's economic stability and harms national security. The Comptroller General of Customs, Bashir Adewale Adeniyi, also stressed the need for sustained efforts in combating smuggling.