Nigeria’s Customs revenue increases by 127% to N2.74tn in H1 2024

The Nigeria Customs Service revenue collection increased by 127 percent to N2.74 trillion in the first half of 2024, compared with the corresponding period last year.

Comptroller-General of Customs, Bashir Adeniyi, disclosed this in a statement released on Monday by the spokesperson of the Service, Abdullahi Maiwada.

He said the Service surpassed its H1 2024 target of N2.54 trillion by 8 percent.

Adeniyi said in the second Quarter of 2024, Customs collected N1.395 trillion as revenue, representing a 131 percent increase from the revenue recorded in Q2 2023.

He attributed the revenue increase to the e-auction platform, which generated over N1.34 billion, and the 90-day duty payment window for uncustomed vehicles with N4.37 billion to the revenue collected.

“The NCS has achieved remarkable success in the first half of 2024. With a half-year revenue target of N2.54 trillion, the Service has collected N2.74 trillion, surpassing the target by 8 percent and marking a 127 percent increase over the previous year’s revenue”, he stated.