Senate Investigates N34 Trillion Import Waivers in Nigeria

The Nigerian Senate has initiated an investigation into N34 trillion worth of import waivers granted by the federal government between 2020 and 2025. The Senate Finance Committee, chaired by Sani Musa, is focusing on the revenue losses incurred by the government and the implications of these waivers on the economy.

Bashir Adewal Adeniyi, the Comptroller General of the Nigerian Customs Service, defended the waivers, stating they are aimed at achieving broader economic security and social objectives, particularly in the context of military hardware imports and essential goods like medical supplies. The committee expressed concerns over the monitoring of waiver beneficiaries to ensure compliance with government policies.

Adeniyi reported a revenue collection of N3.2 trillion in 2023, falling short of the N3.67 trillion target, but projected an increase to N6.1 trillion in 2024. The committee also addressed outstanding liabilities of N13.9 billion from the Corporate Affairs Commission, with Hussaini Ishaq Magaji confirming a plan to gradually offset this amount.