Nigeria Customs Service Surpasses Q1 2025 Revenue Target with ₦1.75 Trillion Collection
The Nigeria Customs Service (NCS) has announced a significant revenue achievement, collecting ₦1.751 trillion in the first quarter of 2025.
This figure surpasses the quarterly target of ₦1.645 trillion by ₦106.5 billion, marking a 106.47% performance rate and a 29.96% increase compared to the ₦1.347 trillion collected in the same period in 2024 .
Breakdown
January: ₦647.88 billion collected, exceeding the monthly target by 18.12% and showing a 65.7% year-on-year growth.
February: ₦540.11 billion collected, 1.3% above target with a 19.97% increase over February 2024.
March: ₦563.52 billion collected, surpassing the target by 2.7% and reflecting an 11.22% growth compared to March 2024 .
PM News Nigeria
Trade and Enforcement Activities:
In Q1 2025, the NCS processed 327,928 import declarations, handling goods with a total mass of 4.91 billion kilograms and a Cost, Insurance, and Freight (CIF) value of ₦14.81 trillion.
The total trade value managed by the service during this period amounted to ₦36.32 trillion .
The NCS also intensified its anti-smuggling operations, recording 298 seizures with a total Duty Paid Value (DPV) of ₦7.7 billion. This represents a 78.41% increase compared to the ₦4.3 billion worth of seizures in Q4 2024. However, there was a 19.70% reduction compared to Q1 2024’s ₦9.59 billion, attributed to improved compliance and effective enforcement.
Notable Seizures:
Rice: 159 cases involving 135,474 bags valued at ₦939.31 million.
Petroleum Products: 61 seizures totaling 65,819 liters, valued at ₦43.34 million.
Narcotics: 22 interceptions valued at ₦730.75 million.
Wildlife Products: Three high-value seizures with a DPV of ₦5.65 billion.
Other Goods: Textile fabrics (13 cases, ₦134.22 million), retreaded tires (5 cases, ₦104.60 million), and pharmaceuticals (1 case, ₦17.19 million) .
Comptroller-General Adewale Adeniyi highlighted that these results demonstrate the NCS’s commitment to enhancing revenue collection and enforcing trade regulations. He also noted challenges such as foreign exchange volatility and international trade policies that could impact future operations.
The NCS’s performance in Q1 2025 reflects its strategic efforts to boost Nigeria’s economic growth through efficient customs operations and robust enforcement activities.
