Tin-can Customs surpasses Q1’24 revenue target by 139%

The Tin-can Island Port Command of the Nigeria Customs Service, NCS, said it has surpassed its first quarter revenue target for 2024 (Q1’24) by 139 per cent with a total collection of N304 billion  compared with N127 billion recorded in the same period of 2023.

The Command also said it recorded a 72.5 percent increase in the volume of exported goods from the Command amounting to 251,679.89 metric tonnes of cargo in Q1’24 compared to 145,906.33 metric tonnes recorded during the same period in 2023.

The above resulted in a 300 per cent increase in the Free On Board, FOB value of exports from N80.9 billion to N287.8 billion for first quarter 2023 and 2024 respectively. The Command also surpassed revenue collection by 139 per cent for the first quarter of 2024 compared to the same period last year.

The Customs Area Controller, CAC of the Command, Dera Nnadi who disclosed this, said that items exported from the Command includes agricultural and other allied products like Cocoa-Butter, Cocoa Beans, Cashew Nuts etc.

Giving a breakdown of the command’s revenue collection, Nnadi said a total of N88.4 billion was collected in the month of January 2024 indicating a 107.9 per cent increase over the N42.5 billion collected in January 2023.

He further disclosed that in the month of February 2024, the command collected N100.4 billion which is 141.8 per cent higher than N41.5 billion collected in the same period in 2023, while in March 2024, the Command recorded the sum of N115.1 as against N42.8 billion collected for March 2023; representing a 163.9 per cent increase.

Nnadi expressed appreciation for the support given to officers and men of the Command by the Comptroller General of Customs, B A Adeniyi and his management team for their relentless and continuous efforts towards strengthening the capacity of the Service and introducing innovative methods to perform its statutory responsibilities in line with international best practices.