="dropcap dropcap3">The Nigeria Customs Service (NCS) said on Wednesday that it generated a total of N1.34 trillion revenue into the Federal Government coffers in the first quarter (Q1) of this year.

Its Comptroller-General, Bashir Adewale Adeniyi, made this known during Q1 operations review in Abuja.

According to the CGC, the amount represents a substantial increase of 122.35 per cent compared to the same period last year.

Adeniyi identified non-compliance with regulations, infrastructure limitations, and a notable decline in cargo throughput, evidenced by a 4.89 per cent decrease in the volume of transactions handled as some of the challenges confronting the Service.

He also identified the significant fluctuations in exchange rates applied in the Customs clearance of consignments that are posing considerable difficulties.

On protocol, the exchange rate utilised by Customs in the clearance of goods via the Nigeria Integrated Customs Information System (NICIS), he said, is based on the rate determined by the Central Bank of Nigeria (CBN).

He noted that the Service is perfecting arrangements with the apex bank to stabilise the exchange rate for import declarations, further enhancing predictability and facilitating trade.

Despite these challenges, Adeniyi said the Service is steadfast in prioritising transparency and accountability in its operations, reaffirming their dedication to serving with integrity and excellence.

Credit: thenationonlineng.net

Customs Generates N1.34tr, Seizes N10.59bn Goods In Q1 2024

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