Customs grants N1.6tr waivers in 2024

...Exceeds revenue target by N1.02tr

The Nigeria Customs Service (NCS) on Tuesday said that it granted concessions totalling N1.6 trillion to various sectors of the economy in 2024 to stimulate economic growth.

Comptroller General of Customs, Adewale Adeniyi who disclosed this at a press conference in Abuja said the concessions comprised N723billion in import duty waivers, N372.6billion in other levy concessions, and N586. 6billion in import VAT relief.

He said, “These strategic concessions were granted to stimulate economic growth, support industrial development, and enhance the overall business environment in line with government policy objectives.

“Notably, the 2024 concession value represents a significant reduction from the ₦3,959,868,268,993.18 recorded in 2023.

“This reduction is a direct result of our enhanced monitoring mechanisms and strategic reforms aimed at blocking loopholes and eliminating abuses in the concession granting process, ensuring that only genuine and qualifying enterprises benefit from these incentives.”

Adeniyi said despite the significant concession granted, the NCS achieved an unprecedented performance in revenue generation, collecting a total of N6.105 trillion in 2024.

He said the amount surpassed the target of N5.079trillion by N1. 02 trillion representing a 20.2% increase.

According to him, the remarkable achievement represents a significant 90.4% increase from the 2023 collection of N3.2trillion, making it the highest Year-on-Year increase recorded by the Service in recent times.

“The total revenue collected for 2024 comprises three main components:
Federation Account Collections. The sum of ₦3,657,063,981,445.42 was collected into the Federation Account, consisting of Import Duty, Excise Duty, Fees, E-Auction proceeds, and CET Levy.

“Non-Federation Account Levies. A total of ₦816,902,844,844.73 was collected as Non-Federation Account Levies.

“Value Added Tax (VAT). The Service collected ₦1,631,348,717,199.35 as VAT on imports.

The Customs boss attributed the feat to the continuous alignment with the policy objectives of President Bola Ahmed Tinubu and the support of management and staff of the Service.

In the area of trade facilitation, Adeniyi disclosed that total trade value handled by the Service in 2024 amounted to N196.94 trillion, compared to N70.50 trillion in 2023, representing a 179.3% increase.

“This substantial growth in trade value, achieved with fewer but more valuable transactions, is evident of the increasing sophistication of Nigeria’s international trade and the effectiveness of our trade facilitation measures, ” he said.

In addition to balancing revenue collection with trade facilitation, Adeniyi said 3,555 seizures were recorded throughout the year, with a 100.92% increase in the Duty Paid Value (DPV) of seizures from N17.56 billion in 2023 to N35.29 billion in 2024.

“The recorded seizures included arms and ammunition, 900 arms and 113,472 rounds of ammunition and the interception of narcotics and other illicit drugs, resulting in 105 seizures across various forms that was aided by the declaration of a state of emergency at our major entry points.

“The Service also intercepted unauthorized pharmaceutical products, with 40 seizures including 175,676 pieces and 6,271 cartons of various medicaments valued at ₦3.04 billion, protecting public health from potentially dangerous counterfeit drugs, ” he said.

Looking ahead, Adeniyi said the government has set a revenue target of ₦6.58 trillion for the Service in 2025.

Building on the achievements in 2024 and leveraging on enhanced capabilities,
the Customs boss expressed determination to meet the challenge.

To achieve the target, Adeniyi outlined strategic priorities for 2025 to include full deployment of its trade modernization initiatives, including the nationwide rollout of the B’Odogwu platform.

“Complete implementation of the Authorized Economic Operator (AEO) programme.

“Enhancement of our risk management and enforcement capabilities through technology integration.

“Operationalization of the Nigeria Customs Service University for Trade and Technology.

“Strengthening of our international partnerships and trade facilitation initiatives under the AfCFTA framework.

“Implementation and roll out of a robust CSR strategy aligned with the pillars of the Presidential Priority Areas and the Sustainable Development Goals.

“Promotion of open governance through enhanced transparency, stakeholder engagement, and public access to customs information and processes,” he said.