By Adedapo Adesanya
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, Mr Musa Mba, who represented the Controller General of NCS, Mr Adewale Adeniyi, explained that the organisation would have generated more to the nation’s purse in 2023 if not for the waivers and concessions to investors.
According to him, Nigeria lost about N1.3 trillion to waivers and concessions in 2023, noting that if the concessions and waivers, which were done to help boost investments were not instituted, the money would have been generated to service the nation’s debt.
“We should look at alternative ways of granting incentives. This area should be looked into,” he submitted.
Expressing concerns about the development, the Chairman of the Joint Committee, Mr Sani Musa, said that the Senate would commence an investigation into waivers and concessions in the country.
He said, “By now, we shouldn’t be talking about concession for cement manufacturers, we should not be talking 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.”
Business Post had reported that the Seme Customs Command of the NCS exceeded its 2023 revenue target of N1.966 billion by 55 per cent after generating N3.05 billion in the first 10 months of the year.
Modupe Gbadeyanka