The Nigeria Customs Service has said that it lost N1.3tn in 2023 due to waivers and concessions that former President Muhammadu Buhari’s administration granted to investors.
The Comptroller General of Customs, Adewale Adeniyi, who disclosed this on Wednesday said the Service was also not privy to details of the Customs $3.2bn modernisation project.
Adeniyi was represented by the Deputy Comptroller General, Mba Musa, at a public hearing organised by the Senate Joint Committees scrutinising the 2024–2026 Medium-Term Expenditure Framework and Fiscal Strategy.
This Online News Medium learnt that the hearing sought to clarify details of the Customs $3.2bn modernization project and the impact of government policies on the Service’s revenue generation. Speaking, he said, “We are not privy to details of the modernisation agreement of the Nigeria Customs Modernisation Project.” He explained that “NCS would have generated more revenue to the nation’s Consolidated Revenue Fund in 2023 if not for the waivers and concessions arrangements.” The Chairman of the Joint Committee, Sani Musa said the Senate would commence investigation into granting of waivers and concessioning in the country.
Senator Musa said, “By now we shouldn’t be talking about concessions for cement manufacturers, we should not even be talking about sugar importation. “We should not deny ourselves the revenues that we should generate to make our economy vibrant. By now, we should be consolidating on waivers given to boost revenues.”
“We would review the waivers and make our recommendations. By now, you (NCS) should be meeting up on your projected target if there are no waivers,” Musa added.