THE Nigeria Customs Service (NCS), has stated that the country lost approximately N1.3 trillion as a result of waivers and concessions granted.
The Deputy Controller of Customs, Musa Mba, who represented the Controller General of NCS, Adewale Adeniyi, indicated that if not for waivers and concessions to investors, the Customs would have produced more revenue for the nation’s coffers in 2023.
Mba revealed that Nigeria lost about N1.3 trillion in 2023 to waivers and concessions, money, which according to him could have been used to support debt servicing.
“We should look at alternative ways of granting incentives”.
Responding to this development, the Chairman of the Joint Committee, Senator Sani Musa, said that the Senate would commence investigation into 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 waiver.”
