Nigeria Customs generated ₦6.1 trillion revenue in 2024, which is 20% increase above its target of ₦5.07 trillion.

2024 revenue marks an increase of ₦2.9 trillion (+90%), compared to the ₦3.2 trillion revenue recorded in 2023.

Says ₦3.6 trillion was collected into Federation Account, which consists of Import Duty, Excise Duty, Fees and E-Auction proceeds.

The Nigeria Customs Service (NCS) has announced it collected the sum of ₦6.1 trillion in revenue for the year 2024. This surpassed its target of ₦5.07 trillion by ₦1.03 trillion (20.2% increase above the target).

Comptroller-General of Customs, Adewale Adeniyi, made this known during a press briefing held in Abuja on Tuesday to review the Service’s 2024 performance.

Adeniyi noted that the 2024 revenue marks an increase of ₦2.9 trillion (+90.4%) compared to the ₦3.2 trillion revenue recorded in 2023.

Highlighting this achievement, he said:

“In 2024, we collected a total of ₦6.1 trillion, surpassing our target of ₦5.07 trillion by ₦1.026 trillion, which represents a 22 per cent increase over our target for the year.”

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The Comptroller-General explained that the total revenue collected in 2024 comprises three major components :

1) The sum of ₦3.6 trillion was collected into the Federation Account Collections. These consists of Import Duty, Excise Duty, Fees, E-Auction proceeds, and CET Levy.

2) A total of ₦816.9 billion was collected as Non-Federation Account Levies.

3) The sum of ₦1.6 trillion as Value-Added Tax (VAT) on imports.

Despite the substantial revenue growth, CGC Adeniyi said significant concessions amounting to ₦1.68 trillion were granted to support various sectors of the economy during the year.

On its target for 2025, NCS said :

“The Federal Government has set an ambitious revenue target of ₦6.58 trillion for the Service, a target that reflects both the government’s confidence in our capabilities and the expanding scope of our operations.”

“We approach this challenge with determination, building on our achievements in 2024 and leveraging our enhanced capabilities.”

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