Waivers, concessions cost Nigeria N1.3trn in revenue — Customs

The Nigeria Customs Service (NCS) revealed on Wednesday that the federal government missed out on N1.3 trillion in revenue in 2023 due to waivers and concessions given to investors.

The NCS Comptroller General, Adewale Adeniyi, made this known during a session with the Senate Joint Committees on Finance, Appropriations, National Planning, and Local and Foreign Debt on the 2024–2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).

Adeniyi, who was represented by Deputy Comptroller General, Mba Musa, said waivers and concessions had greatly affected the revenue collection of Customs.

He also said the NCS was not aware of the details of the $3.2 trillion Customs Modernization Project of the federal government.

The Federal Executive Council (FEC) had, in April 2023, approved the customs modernization project, also known as e-customs.

Musa told the lawmakers that Customs was not informed of the details of the modernization project.

The Chairman of the Joint Committee, Senator Sani Musa, said the Senate would conduct an investigation into waivers and concessions the federal government granted some investors in the country.

He said, “We would review the waivers and make recommendations. By now, you should be meeting up with your projected target if there are no waivers.