The Traffic

NCS Generates N1.75 Trillion in Q1 2025 Revenue

By Mabeni Aboh

The Nigeria Customs Service (NCS) has reported a significant surge in revenue generation for the first quarter of 2025, collecting N1,751,502,252,298.05. This exceeds the quarterly benchmark of N1.645 trillion by over N106 billion, achieving a 106.47% performance rate.

According to Comptroller-General Adewale Adeniyi, the revenue collection reflects a 29.96% increase compared to the same period in 2024. Adeniyi attributed the increase to reforms introduced under President Bola Tinubu's administration and the supervision of Minister of Finance Wale Edun.

"We've exceeded our target by N106.5 billion, achieving 106.47% of our quarterly projection," Adeniyi said during a briefing in Abuja. "This outstanding performance represents a substantial 29.96% increase compared to the same period in 2024."

The NCS also reported seizing several illicit consignments, including arms, contraband goods, and narcotics, worth N7.7 billion, through enhanced surveillance and intelligence-driven operations.

Adeniyi cited exchange rate instability as a major challenge, noting 62 exchange rate adjustments within the quarter. He stated that the NCS has been working closely with the Central Bank of Nigeria (CBN) and the Federal Ministry of Finance to implement measures aimed at stabilizing the exchange rate for import declarations.

Another significant challenge was the implementation and subsequent suspension of the Financial Customs Service Operation (FCSO), also known as the four percent FOB. Adeniyi noted that this development created temporary operational adjustments for both the Service and stakeholders. Additionally, the imposition of a 14% reciprocal tariff by the United States on Nigerian exports presented operational and diplomatic hurdles.

Despite these challenges, Adeniyi expressed appreciation to officers, staff, the Federal Government, and the media for their support.

Looking ahead, Adeniyi said the Service would intensify modernization efforts, expanding the B'Odogwu platform, integrating advanced risk management systems, and enhancing stakeholder experience.

"We've collected N1.75 trillion despite economic headwinds, intercepted N7.7 billion worth of smuggled goods, and rolled out practical solutions like the B'Odogwu platform," Adeniyi stated. "The numbers show we're delivering."