The Nigeria Customs Service has announced that it generated 1.3 trillion naira revenue for the first quarter of 2024.

The Comptroller General of Customs, Adewale Adeniyi, explained that over 572 seizures were made with a duty-paid value of 10 billion naira.

Speaking during a press briefing in Abuja, he said, “In the first quarter of 2024, the NCS demonstrated remarkable performance in revenue collection. Total revenue collected during this period amounted to NGN 1,347,675,608,972.75. 

The collection for the first quarter represents a substantial increase of 122.35% compared to the same period last year, where NGN 606,119,935,146.67.

Adeniyi also said that 1.6 billion naira was generated through its electronic auction platform inaugurated in the first quarter of the year.

The Customs boss, however, said that the Service encountered a major challenge in the fluctuations of the exchange rate regime, which he said has distrupted its activities.

He also expressed delight in the relative stability in the past days, adding that the Service, with the support of the Minister of Finance, Wale Edun, has initiated periodic consultations with the apex bank to mitigate the potential impact of exchange rate fluctuations on import activities.