Customs Service Blames N34tn Duty Waivers for Losses

Bashir Adeniyi, the Comptroller General of the Nigerian Customs Service, disclosed during a Senate Committee on Finance hearing that duty waivers granted by the federal government have resulted in a revenue loss of N34 trillion. These waivers, approved for select import goods and equipment, are projected to reach N34 trillion by 2025.

Adeniyi warned that such fiscal incentives significantly reduce the revenue-generating capacity of the Customs Service. He noted that while the Customs Service remains the country's leading revenue-generating agency, the approval of duty waivers directly impacts revenue performance.

The duty exemption policy, introduced in March 2020, has been a major factor affecting customs revenue. Adeniyi urged the federal government to strengthen monitoring mechanisms to ensure that beneficiaries of the waivers deliver expected outcomes, such as lower prices and improved access to healthcare.

The Senate Committee also threatened sanctions against agencies that failed to attend the session.