The Nigeria Customs Service says it generated a total of 1.3 trillion naira worth of revenue in the first quarter of 2024.
The Comptroller General of Customs, Adewale Adeniyi, who made this known, explained that the collection for the first quarter represents a substantial increase of 122.35% compared to the same period last year, where the federal government made over 600 billion Naira .
Giving a breakdown of the revenue collected, he said a total of N1.6 billion was generated through its electronic auction platform launched in the first quarter of the year, adding that over 572 seizures were made with a duty-paid value of N10bn.
The Customs boss, however, said that the Service encountered a major challenge in the fluctuations of the exchange rate regime which he said has disrupted its activities, but 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 Central bank of Nigeria to mitigate the potential impact of exchange rate fluctuations on import activities.
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