By Shola Fadeyi
Strong indications have emerged that the Federal Government may give the Nigerian Customs Service (NCS), a revenue target of over N6.5 trillion for the year 2025.
This is sequel to the fact that the Customs met its 2024 , N5.07 trillion revenue target as at Nov 12, 2024, about one and a half months to the end of 2024 , having collected N5.079,455,088,194.88 as at then.
This is also because the Customs has the capacity to still exceed the revenue it collected then by 10 per cent by the end of the year, for the fact that more revenue usually accrue to the Customs at the last quarter of every year , particularly in December.
This is borne out of the fact that more goods are imported into the country during this period , for the celebration of Christmas and The Yuletide ,from which Customs usually earn more duties.
Investigations showed that Customs , with the rise it is expected to experience in its revenue during this period, coupled with its very aggressive revenue drive in recent time, may record a revenue of not less than N5.6 trillion by the close of December 2024.
Thus , for the fact that the Federal Government usually add a margin of between 10 and above 15 per cent increase to the figure collected by Customs as revenue for a particular year to determine what the following year’ s revenue target would be , there are thus indications that the Customs revenue for 2025 will be over N6.5 trillion.
Investigations have also shown that the Customs as currently constituted , under Comptroller General, Wale Adeniyi and his management, which has an Information Computer Technology(ICT) savvy orientation and the culture of synergy, have shown that it has the capacity to meet the new target that will be set for it in 2025.
Due to enhanced stakeholder collaboration, improved processes, and modernized systems coupled with the impact of trade facilitation , it was able to achieve its current revenue feat this year.
Though it could not meet its revenue target of N3.67 trillion for 2023, as it collected N3.21 trillion , this is however due to import of goods under the common external tariff, import duty exemption certificate, uncertainties and anxieties among other limitations.
For instance, there was the huge import of goods under Chapter 99 of the common external tariff, which resulted in a revenue loss of over N2trn as well as revenue due to import duty exemption certificates and other statutory provisions for the year 2023, which was also in the region of N1.8 trn .
It was reliably gathered that the Customs management is banking on extensive collaborations with its critical stakeholders , namely importers and Customs agents and generally members of the organized private sector, through introducing innovative measures that will facilitate trade and ease difficulties associated with the clearing and duty payment for goods.
This is apart from Customs synergy with the Army among other security and government agencies, for exchange of information and intelligence, to check smuggling and increase revenue accruing to Customs.
Beyond this, Customs is expected to improve on its innovative reforms such as the Advanced Ruling system, Authorized Economic Operator Programme, the Time Release System to enhance trade facilitation and regulatory compliance to boost its revenue generation , meet, as well as surpass its revenue target for 2025.
