Abdulwahab Isa 
…exceeds revenue targets by N1.02trn
Despite granting N1.6 trillion in waivers and concessions to support various sectors of the economy in 2024, the Nigeria Customs Service (NCS) exceeded revenue target for the year by N1.02 trillion.
The Service was given a target of N5.079 trillion revenue for the 2024 fiscal year. The Comptroller General of Customs, Mr Wale Adeniyi, confirmed the figures yesterday in Abuja while briefing the media on the Service activities in 2024.
His clarification on concessions came on the backdrop of concerns by members of lawmakers who on Monday expressed concerns over the manner of waivers, concessions granted by some revenue agencies of government.
The waivers granted by the Service, Adeniyi explained, comprised N723 billion in import duty, N372.6 billion in other levy concessions, and N586.6 billion in import VAT relief.
“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 N3.959 trillion 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 clarified.
Speaking on the N6.105 trillion revenue collected in 2024, which was N1.02 trillion above the targeted N5.079 trillion, representing 90.4 per cent increase from 2023 collection of N3.206 trillion, Adeniyi described the feat as remarkable.
“The growth is historic as it marks the highest year-on-year increase recorded by the Service in recent times, surpassing the 52.24 per cent growth recorded in 2022 by 38.18 percentage points.
“Additionally, the Service achieved another milestone in October 2024 by recording the highest monthly collection ever of N603.171 billion.”
