Reps Demand Details on N34trn Import Duty Waiver

The House of Representatives' Committee on Finance, chaired by James Falek, raised concerns on Wednesday regarding a disclosed N34 trillion import duty waiver for 2024. During a session, Deputy Comptroller of Customs, Kikelomo Adeola, reported that the total revenue generated by the Nigeria Customs Service was N7.2 trillion for the year.

Falek emphasized the need for detailed sector-by-sector information on the waivers to determine their benefits for Nigeria. He pointed out that the responsibility for the import duty waivers lies with the Federal Ministry of Finance.

Additionally, Deputy Chairman Seidu Musa Abdullahi noted that the agency's annual revenue target appears insufficient and suggested that there is potential for improvement in revenue generation, citing factors such as government policy and exchange rates.