In a recent disclosure, the Nigeria Customs Service (NCS) revealed that the country incurred a significant loss of approximately N1.3 trillion due to the granting of waivers and concessions. The Deputy Controller of Customs, Musa Mba, speaking on behalf of the Controller General of NCS, Adewale Adeniyi, explained that these allowances to investors were responsible for the lower revenue generated in 2023.
Mba emphasized that if not for the waivers and concessions, the Customs would have contributed a much larger sum to the nation’s treasury. The N1.3 trillion lost to these concessions could have been utilized for crucial debt servicing. With this in mind, he advocated for exploring alternative methods for providing incentives, suggesting a thorough examination of this area.
Recognizing the gravity of the situation, Senator Sani Musa, Chairman of the Joint Committee, expressed concern and announced that the Senate would initiate an investigation into the granting of waivers and concessions in the country.
Senator Musa expressed his belief that certain concessions, such as those given to cement manufacturers and sugar importers, should no longer be necessary. He emphasized the importance of generating the revenue that Nigeria rightfully deserves, mentioning that by now, the country should be capitalizing on the revenue generated through reduced waivers.
The Joint Committee aims to review the existing waivers and make recommendations accordingly. The goal is to ensure that projected targets are met and that the economy remains vibrant by eliminating unnecessary concessions.
