Massive Revenue Surge: Nigeria Customs Nets ₦1.75 Trillion In Q1 Alone!

The Nigeria Customs Service (NCS) has announced a total revenue collection of ₦1.75 trillion for the first quarter of 2025.

Comptroller General Bashir Adeniyi revealed that the amount exceeded the quarterly target by ₦106.5 billion, translating to 106.47% of the projected benchmark, which is part of the overall ₦6.58 trillion annual revenue goal.

Adeniyi highlighted that this strong performance marks a 29.96% increase compared to the ₦1.35 trillion collected in the first quarter of 2024.

Breaking down the figures:

• January 2025: ₦647.88 billion collected — 18.12% above its monthly target of ₦548.33 billion, and a massive 65.77% rise year-on-year.

• February 2025: ₦540.11 billion — 1.3% above target, up by 19.97% from the previous year.

• March 2025: ₦563.52 billion — exceeding its target by 2.7% and recording an 11.22% increase over March 2024.

According to the CGC, “These figures clearly reflect the impact of reforms introduced under President Bola Ahmed Tinubu’s administration, and under the guidance of Finance Minister Wale Edun.”

He added, “The steady rise in monthly collections and nearly 30% annual growth underscore our success in curbing revenue leakages and promoting efficient trade compliance.”

Adeniyi also raised concerns over external trade challenges, specifically the 14% reciprocal tariff recently imposed by the United States on Nigerian exports, which may impact future earnings.