In a commendable feat, the Nigeria Customs Service (NCS) under the leadership of Comptroller General Adewale Adeniyi has exceeded its revenue expectations for the 2023 fiscal year, amassing a substantial N3.2 trillion.
This achievement reflects a remarkable 21.4 percent surge from the previous year’s revenue figure of N2.64 trillion, as revealed by Adeniyi during a press conference in Abuja.
While the service demonstrated an impressive revenue growth, Adeniyi highlighted the numerous operational challenges that impeded the NCS’s performance throughout the year. Issues such as lower transaction volumes, compliance difficulties, inadequate infrastructure, and capacity gaps posed significant hurdles, alongside delays in policy implementation and socio-political factors.
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These challenges contributed to a revenue shortfall of N532 billion in the first half of 2023, notably below the projected target of N1.84 trillion. However, a positive shift occurred in the latter half of the year, with the NCS surpassing monthly revenue targets by 6.71 percent for the first time in 2023.
Adeniyi attributed the turnaround to the service’s resilience and adaptability to dynamic economic conditions. Despite initial obstacles, monthly revenue collections averaged N332.9 billion in the latter part of the year, signifying a marked improvement.
The Comptroller General’s appointment in July 2023 coincided with this turnaround, emphasizing an upward trajectory in revenue collection. This remarkable performance aligns with the federal government’s aspirations to achieve a N5.079 trillion revenue target for the year 2024.
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