The Nigerian Customs Service (NCS) made a significant announcement which reveals a remarkable 21.4% surge in revenue collection for the fiscal year 2023. This notable accomplishment underscores the NCS’s unwavering dedication to maximising revenue for the Federal Government. The service attributes the success to a host of innovative initiatives and strategies that have been effectively implemented, showcasing their commitment to revenue optimisation. This impressive financial achievement reflects the NCS’s proactive approach to ensuring fiscal growth and contributing to the government’s financial stability.
In a press briefing held in Abuja, the Customs’ Comptroller-General, Bashir Adewale Adeniyi, announced that the agency has set its sights on reaching a revenue target of ₦5.79 trillion by 2024. Adeniyi highlighted that this substantial increase in revenue collection is anticipated to generate a favourable influence on the nation’s economic landscape. He also highlighted that the service is committed to advancing its operations, reinforcing partnerships with stakeholders, and bolstering training initiatives for its personnel for the purpose of amplifying revenue generation.
Service contribution to the nation’s financial resilience and development.
Adeniyi reports that in 2023, the NCS achieved a noteworthy milestone by amassing a total revenue of ₦3,206,603,417,315.47. This marked a remarkable 21.4% surge compared to the previous year’s revenue of ₦2,641,616,673,501.83. Notably, this growth aligns with the NCS’s consistent upward trajectory, which is evident in the substantial 17.88% revenue increase in 2022. Further speaking, he explained that the impressive financial performance underscores the effectiveness of the NCS’s strategies and highlights their pivotal role in contributing to the country’s fiscal stability. This robust fiscal performance positively reflects Nigeria’s economic landscape, showcasing the NCS’s ability to adapt and thrive amid dynamic economic conditions, ultimately contributing to the nation’s financial resilience and development.
However, the service remains steadfast in its dedication to optimising revenue collection for the federal government, which is evident in its persistent growth. This underscores the organisation’s adaptability to dynamic economic conditions. He also acknowledges the challenges faced by the NCS, leading to a notable revenue shortfall of ₦532 billion in the initial six months of the year, falling short of the projected ₦1.84 trillion revenue target. However, he also unveiled that, despite these hurdles, their commitment to revenue maximisation and resilience in navigating obstacles demonstrates its crucial role in contributing to the fiscal objectives of the Federal Government, highlighting the ongoing efforts to address and overcome financial challenges.
Successful transformation is made through good leadership.
Additionally, the NCS’s dedication to fostering a trade environment conducive to businesses while simultaneously upholding customs regulations and protocols was reiterated by the Comptroller-General. He further noted that his appointment as the Comptroller-General in July sparked a favourable transformation during the latter part of the year. Speaking further, he mentioned that the service achieved an unprecedented milestone by surpassing its monthly revenue targets by 6.71% in the year 2023. This remarkable accomplishment was made possible through a fundamental transformation of the management team, which was revamped based on merit and expertise. The resulting shift in leadership played a vital role in enabling this remarkable success.
He reported that the latter half of the year witnessed a noteworthy rise in monthly revenue collection, reaching an average of ₦332.9 billion. This marked increase starkly contrasts with the initial figure of ₦201.7 billion recorded in the first half. Such a positive turn of events can be accredited to shrewd actions taken, like the swift formation of a Revenue Review Recovery Team and the dissolution of preexisting Strike Force Teams. These measures effectively streamlined enforcement efforts under the Federal Operations Unit (FOU).
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Lastly, he explained that the remarkable turnaround was facilitated through deliberate reassignments of Customs Area Controllers, the establishment of an innovation repository, and widespread collaboration with key stakeholders. A pivotal factor in curbing the revenue deficit by a notable 10% was the notable enhancement in revenue collection during the latter part of 2023, resulting in a decrease from ₦532 billion to ₦478 billion by the conclusion of the year. The estimated total revenue collection of the service stands at ₦3.206 trillion, derived from the government’s projected collection amounting to ₦3.684 trillion.