Senate Investigates N34 Trillion Import Duty Waivers

The Nigerian Senate is probing N34 trillion in import duty waivers that were approved for various goods and equipment starting in March 2020. The Senate Committee on Finance has threatened sanctions against heads of several agencies, including the Nigerian Civil Aviation Authority (NCAA) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), for their failure to attend investigative sessions.

The waivers were introduced to support the economy amidst security challenges and include exemptions for military hardware, healthcare equipment, and industrial machinery. However, concerns have been raised regarding the fiscal policy's effectiveness in generating revenue, with projections indicating a significant shortfall in revenue targets for 2026.

Bello Gulmar, representing the Fiscal Responsibility Commission, highlighted a liability of N8.9 billion from customs non-remittances. The Senate has directed the Corporate Affairs Commission (CAC) to reconcile outstanding balances and report back within two weeks.

Agencies that fail to attend future sessions risk severe sanctions.