Nigeria Customs Service Achieves Record Revenue of N6.1 Trillion in 2024

The Nigeria Customs Service (NCS) generated a record-breaking N6.1 trillion in revenue for 2024. This  achievement represents a 90.4 percent increase from the N3.2 trillion collected in 2023.

The Comptroller-General of Customs, Adewale Adeniyi, disclosed this during a press briefing on Tuesday in Abuja. He noted that the Service surpassed its 2024 revenue target of N5.07 trillion by N1.03 trillion.

The revenue was said to consist of three main components: the federation account, non-federation account levies, and value-added tax (VAT).

“The total 2024 revenue collected comprises three main components. The first was the federation accounts and we had about N3.6 trillion.”

“The second was the non-federation accounts levies where we had N816.9 billion and the third component was the value-added tax where we collected N1.6 trillion,” he explained. 

Adeniyi attributed the growth to improved efficiency despite granting concessions worth N1.68 trillion to support various sectors of the economy. He described the increase as the highest year-on-year growth in the Service’s history.

The NCS commended its officers for their efforts and pledged to sustain the momentum in 2025 while continuing to support Nigeria’s economic development.