Nigeria Customs Service (NCS) has announced a remarkable 127% increase in revenue in the first half of 2024, generating N2.74 trillion despite a decline in cargo throughput.
Gatekeepers News reports that this surpasses the revenue target of N2.54 trillion by 8%.
According to the NCS mid-year report, key initiatives such as the e-auction platform and the 90-day duty payment window for uncustomed vehicles contributed to this success.
The report states, “The NCS has achieved remarkable success in the first half of 2024… Key initiatives contributing to this success include the e-auction platform, which generated over N1.34 billion, and the 90-day duty payment window for uncustomed vehicles, adding N4.37 billion to the revenue.”
The NCS also reported significant anti-smuggling efforts, making 2,442 seizures with a Duty Paid Value (DPV) of N25.52 billion, a 203% increase compared to the first half of 2023.
However, the Service faced challenges such as exchange rate fluctuations, reduced transactions, low compliance levels, and operational downtimes. To address these, the NCS implemented initiatives like the Advanced Ruling System, dispute resolution framework, and robust stakeholders’ engagement.
The NCS stated, “Additionally, the NCS has recently introduced the Advance Ruling System (ARS)… Other pragmatic measures implemented to increase revenue, despite a drop in cargo throughput, included establishing a robust framework for dispute resolution, launching Operation Whirlwind, reshuffling strategic-level officers and robust stakeholders’ engagement.”
