Customs aims to generate N6.58 trillion in revenue for 2025, having collected N6.11 trillion in 2024. Meanwhile, the National Assembly anticipates a revenue target of N12 trillion for Customs in the appropriation bill for 2025.
The Comptroller-General of Customs (CGC), Bashir Adewale Adeniyi, revealed yesterday that the agency achieved a remarkable revenue milestone of N6.11 trillion in 2024. This figure not only exceeded their revenue goal of N5.08 trillion for the year but also outperformed it by N1.03 trillion, marking an impressive 20.2 percent increase over the target.
The National Assembly Joint Committee on Finance significantly raised the revenue estimates for the Nigeria Customs Service from the initially proposed N6.5 trillion to N12 trillion in the 2025 appropriation bill.
During a media briefing aimed at elaborating on the service’s initiatives for 2024, Adeniyi informed journalists that this impressive accomplishment signifies a 90.4 percent rise from the N3.21 trillion collected in 2023.
He characterized the revenue growth as unprecedented, noting it represented the most significant year-on-year increase seen by the service in recent years, exceeding the 52.24 percent growth recorded in 2022 by 38.18 percent. Adeniyi further highlighted that the service reached another significant achievement in October 2024, when it recorded N603.17 billion, marking the highest monthly collection in the history of the Nigerian Customs Service.
The CGC stated that the revised revenue goal demonstrates the government’s faith in the customs department’s effectiveness and the growing range of its activities.
He said, “We approach this challenge with determination, building on our achievements in 2024 and leveraging our enhanced capabilities. As we move into 2025, our strategic priorities have been carefully aligned with national economic objectives and the evolving global trading environment.”
Adeniyi elaborated on the revenue collection for the previous year, revealing that a total of N3.66 trillion was deposited into the Federation Account. This amount included import duties, excise duties, various fees, proceeds from e-auctions, and the Common External Tariff (CET) levy.
Furthermore, N816.90 billion was gathered from Non-Federation Account Levies, while N1.63 trillion was accrued from Value Added Tax (VAT) on imports.
He highlighted that the collections were realized even after considerable concessions were made to assist different sectors of the economy, amounting to N1.68 trillion.
He mentioned that these concessions included N723 billion in waivers for import duties, N372.65 billion in various levy concessions, and N586.65 billion in relief from import VAT.
The CGC highlighted that the trade statistics for 2024 showcased a substantial increase in trade value, even amidst challenges in the global economy. They emphasized that the service managed imports amounting to a Cost, Insurance, and Freight (CIF) value of N60.29 trillion in 2024, which marks an impressive 117.4 percent rise from N27.74 trillion in 2023.
He mentioned that this accomplishment was reached through 1,262,988 import transactions, which involved a total weight of 15.35 billion kilograms. He pointed out that the increased value, despite an 8.2 percent decline in transaction volume from last year’s 1,376,514 transactions, suggests a transition towards higher-value products in our import trade portfolio.
He noted that the performance of export trade was also remarkable, with the total CIF value soaring to N136.65 trillion in 2024, up from N42.77 trillion in 2023, representing an impressive increase of 219.5 percent.
