Senate Investigates N34tn Import Duty Exemptions

The Nigerian Senate has initiated a probe into the issuance of import duty exemption certificates valued at N34 trillion from March 1, 2000, to December 2025. The Senate Finance Committee, chaired by Sani Musa, raised concerns regarding the impact of these exemptions on government revenue.

The Nigerian Customs Service, represented by Comptroller General Bashir Adewal Adeniyi, defended the waivers, stating that nearly 60% of approvals relate to military hardware imports aimed at strengthening national security. Adeniyi also noted that the exemptions cover various sectors, including healthcare and manufacturing, and are designed to reduce inflationary pressures.

The committee warned ministries and agencies that failure to comply with ongoing investigations could result in legislative sanctions. The Customs Service reported a revenue collection shortfall in 2023 but showed improvement in subsequent years, with projections indicating a revenue generation of N7.2 trillion in 2025.

The Senate also discussed the recent reduction of import duties on vehicles.