Nigeria Customs Rakes in ₦1.75tn Revenue in Impressive Q1 2025 Performance

The Nigeria Customs Service (NCS) has announced a significant revenue generation of ₦1.75 trillion for the first quarter of 2025. This impressive figure, revealed by Comptroller-General Adewale Adeniyi, represents a substantial 29.96% increase compared to the ₦1.35 trillion generated during the same period in 2024.

This performance also exceeded the NCS’s own quarterly target of ₦1.645 trillion by a notable ₦106.5 billion, achieving a 106.47% projection against its ₦6.58 trillion annual target. The Comptroller-General attributed this success to ongoing reforms under President Bola Tinubu’s administration and the diligent oversight of the Ministry of Finance.

A breakdown of the monthly collections shows a consistent trend of surpassing targets: ₦647.88 billion in January, ₦540.11 billion in February, and ₦563.52 billion in March. Adeniyi highlighted the impact of innovations like the B’Odogwu clearance platform and the Authorized Economic Operators (AEO) program in driving this revenue growth.

Furthermore, the NCS demonstrated its commitment to alleviating the cost of living by granting ₦95.1 billion in duty exemptions on essential food imports between 2024 and Q1 2025, contributing to reduced prices for key staples like maize, rice, and sorghum.

In terms of enforcement, the NCS recorded 298 seizures with a Duty Paid Value (DPV) of ₦7.7 billion, showcasing their efforts in combating smuggling of various goods, including rice, petroleum products, narcotics, and wildlife.

This robust revenue generation in the first quarter of 2025 underscores the Nigeria Customs Service’s commitment to enhancing revenue collection and facilitating legitimate trade, contributing significantly to the nation’s economic growth.