Nigeria Customs Service Reveals N1.3 Trillion Revenue Loss Due to Waivers and Concessions

• Nigeria Customs Service reveals a N1.3 trillion revenue loss in 2023, citing waivers and concessions granted to investors as reasons
• Senate announces an investigation into federal government waivers and concessions, expressing concern about their impact on revenue targets

The Nigeria Customs Service (NCS) disclosed on Wednesday that the federal government suffered a revenue loss of N1.3 trillion in 2023, attributing it to waivers and concessions granted to investors.

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), the Comptroller General of NCS, Adewale Adeniyi, represented by Deputy Comptroller General Mba Musa, highlighted the significant impact of waivers and concessions on Customs’ revenue generation.

Musa also informed the lawmakers that the NCS was not privy to the details of the $3.2 trillion Customs modernization project approved by the Federal Executive Council (FEC) in April 2023, known as e-customs.

Senator Sani Musa, Chairman of the Joint Committee, announced that the Senate would conduct an investigation into the waivers and concessions granted by the federal government to certain investors in the country. He emphasized the need for a review to assess the impact on revenue targets, stating, “By now, you should be meeting up on your projected target if there are no waivers.”

NLC, TUC Suspend Nationwide Strike

The Nigeria Labour Congress and the Trade Union Congress suspended the ongoing nationwide strike on Wednesday night.

According to the unions, the suspension was prompted by the intervention of Nuhu Ribadu, the National Security Adviser.

The meeting, which began a few minutes after 7 p.m., lasted about an hour, during which various affiliates and state chapters discussed the outcome of the meeting between organised labour leaders and Ribadu.

Tommy Etim, the TUC’s National Deputy Vice-President, revealed this in an interview with PUNCH in Abuja.