The Nigeria Customs Service (NCS) has disclosed that the country lost about N1.3 trillion due to granting of waivers and concessions.
The Deputy Controller of Customs, Musa Mba, who represented the Controller General of NCS, Adewale Adeniyi, explained that the Customs would have generated more to the nation’s purse in 2023 if not because of waivers and concessions to investors.
According to him, Nigeria lost about N1.3 trillion to waivers and concessions in 2023, this money would have added to fund servicing of debt.
“We should look at alternative ways of granting incentives .this area should be looked into.”
Concern about the 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.”
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