Nigeria Customs Sets Ambitious N1.13 Trillion Revenue Target for Tin-Can Island Port

The Nigeria Customs Service (NCS) has outlined an ambitious revenue target of N1.13 trillion for the Tin-can Island Port Command, constituting 27 percent of the national revenue goal. Comptroller Dera Nnadi, the Customs Area Controller (CAC) for Tin-can Island Port command, revealed this target, emphasizing the increased expectations for the command in the fiscal year 2024.

In 2023, the revenue target for the command was N801.5 billion, and they achieved a commendable collection of N716.5 billion, representing 89 percent of their goal. However, for the year 2024, the Controller General of Customs (CGC) and management have upped the ante with a new target of N1.13 trillion.

This ambitious target translates to a monthly goal of N94.23 billion, equivalent to N21.7 billion every week. In practical terms, officers and personnel at the command are expected to collect N4.23 billion on a daily basis to meet this target.

Comptroller Nnadi highlighted that the weekly target for the command in 2023 was N66 billion, but the command surpassed this, averaging N76 billion from June to December. This positive trend instills confidence that the 2024 target is achievable.

Designating 2024 as the “year of stakeholders,” Nnadi emphasized the importance of reciprocal cooperation. He urged stakeholders to declare the appropriate duty and ensure compliance. Recognizing Nigeria’s status as an import-driven economy, the command aims to implement strategies that prevent freight forwarders’ cargo from lingering in the port, thus avoiding demurrage charges.