The Nigeria Customs Service (NCS) on Wednesday said the federal government lost N1.3tr revenue in 2023 due to waivers and concessions granted to investors.
NCS Comptroller General, Adewale Adeniyi, stated this during a session with the Senate Joint Committees on Finance, Appropriations, National Planning, 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 significantly reduced the revenue generation of Customs.
He also said the NCS was not privy to details of the $3.2 trillion Customs modernisation project of the federal government.
The Federal Executive Council (FEC) had, in April 2023, approved the Customs modernisation project, also known as e-customs.
Musa told the lawmakers that the Customs was not privy to details of the modernisation project.
The Chairman of the Joint Committee, Senator Sani Musa, said the Senate would launch 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 on your projected target, if there are no waivers.”
