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NCS Reports ₦1.9trn Revenue Growth, Pursues Exchange Rate Stability with CBN
The Nigeria Customs Service (NCS) has announced a staggering ₦1.9 trillion increase in revenue over the past year, marking a substantial rise from its previous financial performance.
The Comptroller-General (C-G) of Customs, Adewale Adeniyi, disclosed this achievement during a press conference in Abuja on Wednesday, highlighting the Service’s efforts and successes under his leadership.
Adeniyi underscored the NCS’s impressive 74% growth in revenue collection, reaching a total of ₦4.49 trillion between June 2023 and May 2024, compared to ₦2.58 trillion in the corresponding period of the previous year.
He attributed this remarkable performance to a consistent 70.13% increase in average monthly revenue collection, amounting to ₦343 billion per month, up from ₦202 billion previously. Notably, the first quarter of 2024 alone saw a notable 122.35% surge in revenue collection compared to the same period in the previous year.
The C-G highlighted several factors contributing to this success, including the recovery of ₦15 billion through the Revenue Review Performance Recovery exercise, ₦2.79 billion from the regularization of uncustomed vehicles’ documentation within a 90-day window, and ₦1.5 billion from the decongestion of 1,705 overtime containers and 981 vehicles at ports.
In a bid to stabilize exchange rates for imports, Adeniyi confirmed that the NCS has commenced collaboration with the Central Bank of Nigeria (CBN). He expressed concern over the disruptive impact of fluctuating exchange rates on business planning, underscoring the necessity of achieving stability in this regard.
The C-G also highlighted the NCS’s remarkable improvement in governance performance rankings, noting a significant leap from a lower position to achieving a perfect score of 100%, tying with other top-performing agencies.
This transformation, he emphasized, resulted from effective trade facilitation measures implemented over the past year.
Adeniyi further detailed operational enhancements, such as the designation of a dedicated export terminal at Lilypond Command, which significantly boosted processing efficiency. Initially managing 317 Single Goods Declarations (SGDs), the terminal now handles 7,464 SGDs, representing 19.49% of the total 38,294 export transactions recorded in 2023.
By the first quarter of 2024, this figure had increased to 10,786 transactions, with 29.32% processed through the dedicated export terminal.
Regarding anti-smuggling efforts, the C-G reported substantial interceptions, high-value seizures, and numerous arrests, including the confiscation of 63 shipments related to animal and wildlife products valued at ₦566 million.
Adeniyi concluded by reaffirming the NCS’s commitment to sustaining these achievements through continued innovation, collaboration, and stringent enforcement measures, ensuring robust revenue generation and trade facilitation across Nigeria’s borders.
China has announced a sharp increase in tariffs on US imports, raising the rate from 34 percent to 84 percent, in response to new American trade measures that came into effect on Wednesday.
The decision, confirmed by China’s finance ministry, will take effect from 12:01 p.m. on Thursday. It follows the imposition of sweeping new US tariffs under President Donald Trump, including a hefty 104 percent duty on certain Chinese goods.
“The tariff escalation against China by the United States simply piles mistakes on top of mistakes and severely infringes on China’s legitimate rights and interests,” the ministry said in a strongly worded statement, warning of “firm and forceful” countermeasures.
Beijing has long opposed the increasing use of tariffs as a tool in trade disputes, and accused Washington of undermining the multilateral rules-based global trading system.
In a related move, China’s commerce ministry also announced it would blacklist six American artificial intelligence companies, including Shield AI Inc. and Sierra Nevada Corporation. The companies were accused of either supplying arms to Taiwan or collaborating with the island on military technology.
Chairman of the House of Representatives Committee on Federal Roads Maintenance Agency (FERMA), Engr. Aderemi Oseni has expressed deep sorrow over the passing of former Oyo State Governor, Dr. Omololu Olunloyo, describing his death as a monumental loss to the people of Oyo State and Nigeria at large.
In a condolence message made available to the press on Sunday, in Ibadan by his media aide, Idowu Ayodele, the lawmaker eulogised the late elder statesman as a distinguished scholar, consummate public administrator, and one of Nigeria’s most intellectually gifted leaders whose legacy would continue to inspire generations.
Dr. Olunloyo, who served as governor of Oyo State during the Second Republic, was reported dead at the age of 89. He was widely respected for his brilliance, administrative acumen, and unmatched depth in mathematics and public discourse.
Oseni noted that the late governor’s contributions to the development of Oyo State, particularly in the areas of education, governance, and intellectual engagement, are indelible footprints in the sands of time.
“We have lost a gem. Dr. Olunloyo was not just a leader, he was a father figure and a repository of wisdom. His demise is a personal loss to me and all lovers of progress and excellence in our society,” he stated.
While commiserating with the Olunloyo family, the people of Ibadan, and the entire Oyo State, he prayed for the peaceful repose of the departed soul and urged all to take solace in the rich and impactful life he lived.
Member representing Ibarapa East/Ido Federal Constituency in the House of Representatives and Chairman, House Committee on Federal Roads Maintenance Agency (FERMA), Engr. Aderemi Oseni has extended his heartfelt congratulations to Chief Sulaimon Ajeniyi Ajewole and other members of the Central Council of Ibadan Indigenes (CCII) executives on their re-election.
Chief Ajewole was returned as the President-General of the apex Ibadan socio-cultural association, alongside other members of the executive council, who were all given the mandate to continue piloting the affairs of the association for another two-year term.
In a congratulatory message issued through his media aide, Idowu Ayodele, Oseni described the re-election of the Ajewole-led team as a reflection of the trust and confidence reposed in their leadership by the Ibadan indigenes at home and in the diaspora.
He commended the CCII leadership for its unwavering commitment to the progress, unity, and cultural advancement of Ibadanland while expressing optimism that the renewed mandate would further propel the association to greater heights.
“The re-election of Chief Ajewole and his team is not only a testament to their sterling performance over the last term but also an affirmation of their capacity to continue serving the interest of Ibadan indigenes. I extend my warmest congratulations and best wishes for a more impactful tenure,” he said.
The lawmaker further assured the CCII of his continued support for any initiative geared towards the development of Ibadanland and the preservation of its rich heritage.
The CCII is renowned for its pivotal role in mobilising Ibadan sons and daughters towards the socio-economic development of the65 ancient city and beyond.
