The Nigeria Customs Service (NCS) said it exceeded its revenue target for the year (2024) by N1.02 trillion above the targeted N5.079 trillion.
This occurred despite the granting of N1.6 trillion in waivers and concessions to support various sectors of the economy in 2024
The Comptroller General of Customs, Mr Wale Adeniyi confirmed the figures on Tuesday in Abuja while briefing the media on the Service activities in 2024.
His clarification on concession by the Service came against the backdrop of concerns expressed by the National Assembly bordering on grants and concessions granted by some revenue agencies of government, which legislators said reduced revenue remittances to government coffers.
The waivers granted by the Service, Adeniyi explained, comprised ₦723 billion in import duty waivers and ₦372.6 billion in another levy
concessions, and N586.6 billion in import VAT relief.
“These strategic concessions were granted to stimulate economic growth, support industrial development, and enhance the overall business environment in line with government policy objectives”.
Notably, the 2024 concession value represents a significant reduction from the ₦3,959,868,268,993.18 recorded in 2023.
“This reduction is a direct result of our enhanced monitoring mechanisms and strategic reforms aimed at blocking loopholes and eliminating abuses in the concession granting process, ensuring that only genuine and qualifying enterprises benefit from this incentive”, Adeniyi said.