The Nigeria Customs Service says the organization lost N1.3tn in 2023 due to waivers and concessions granted by former President Muhammadu Buhari’s administration to investors.
The Customs Service also stated that it was not privy to details of the Customs’ $3.1bn revenue target for 2023.
The Customs Service’s Comptroller-General, Col Hameed Ali (retd.), made the disclosure while speaking at a public hearing on the 2022/2024 Medium Term Expenditure Framework and Fiscal Strategy Paper.
Ali said:
“We are not privy to details of modernisation agreement of the Nigeria Customs Modernisation Project.”
The Customs Service projected revenue of N1.3tn for 2022, which was dismissed by the House of Representatives’ Committee on Finance as too small. The committee vowed to raise the target to at least N3tn.
He added that
“NCS would have generated more revenue to the nation’s Consolidated Revenue Fund in 2023 if not for the waivers and concessions arrangements.”
Senator Musa, the Chairman of the Joint Committee, however, promised that the Senate will commence an investigation into granting of waivers in the country.
Musa said:
“By now we shouldn’t be talking about concession for cement manufacturers, we should not even be talking about sugar importation.
“We should not deny ourselves 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.”
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