Customs Q1 revenue surpasses N1tn

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The Nigeria Customs Service (NCS) has announced a significant increase in its revenue for the first quarter of 2024 compared to the same period last year. Revealing a remarkable 122.35% surge, the NCS disclosed that it collected a total of N1.34 trillion between January and March this year.

This announcement was made during a press briefing in Abuja, where the agency highlighted a monthly rise in revenue throughout the quarter.Comptroller-General of the NCS, Adewale Adeniyi, emphasized the agency’s commitment to meeting the Federal Government’s annual revenue target of N5.07 trillion for 2024.

Adeniyi explained that achieving this target requires a monthly revenue goal of N423 billion. He attributed the success in revenue collection to various deliberate factors and commended the dedication of the NCS officers and personnel for their tireless efforts.

Despite the positive financial performance, Adeniyi acknowledged challenges faced by the NCS during the quarter, including issues with non-compliance, infrastructure limitations, and a decrease in cargo throughput by 4.89%. These challenges, he noted, hindered the agency’s ability to fully carry out its statutory responsibilities effectively.

Source: PUNCH

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