The Nigeria Customs Service (NCS) has revealed that the country incurred a loss of approximately N1.3 trillion due to the granting of waivers and concessions.
Musa Mba, the Deputy Controller of Customs, who stood in for the Controller General of NCS, Adewale Adeniyi, clarified that Customs could have contributed more to the nation’s revenue in 2023 if not for the waivers and concessions extended to investors.
He noted that in 2023, Nigeria experienced a loss of around N1.3 trillion as a result of these waivers and concessions, a sum that could have been utilized for servicing the nation’s debt.
“We should look at alternative ways of granting incentives This area should be looked into.”
Expressing concern over the situation, Senator Sani Musa, the Chairman of the Joint Committee, stated that the Senate would initiate an investigation into the granting of waivers and concessions in the country.
He said, “By now, we shouldn’t be taking about concession for cement manufacturers, we should not be taking about sugar importation.
“We should not deny ourselves certain revenue that we should generate to make our economy vibrant. By now, we should be consolidating on waivers given to enjoy revenue.
“We would review the waivers and make recommendations. By now, you should be meeting up on your projected target, if there are no waivers.”