Nigeria Customs Projects N34 Trillion Duty Waivers by 2025

Bashir Adewal Adeniyi, the Comptroller General of the Nigeria Customs Service, declared that duty waivers are expected to amount to N34 trillion by 2025. This announcement was made during an investigative session with the Senate Committee on Finance, which was scrutinizing the revenue-generating agencies.

Adeniyi explained that the government’s policies have varied over time, impacting the Customs Service's revenue generation capabilities. He noted that the duty exemptions, which began in March 2020, significantly affect revenue collection, particularly for military hardware and healthcare equipment.

The committee chair, Sani Musa, representing Niger East, threatened severe sanctions against heads of agencies like the NCAA, SMEDAN, ITF, and FMC Jabi for failing to appear before the committee. The Customs Service aims to meet an annual revenue target of N11.04 trillion projected for 2026, with N4.5 trillion expected by June 30, leaving a shortfall of N7 trillion.