Nigeria Lost N1.3trn In 2023 Due To Waivers By Buhari’s Administration – Customs

The Nigeria Customs Service (NCS) has disclosed that the waivers and concessions granted to investors during the administration of former President Muhammadu Buhari resulted in a loss of N1.3 trillion for the country.

Adewale Adeniyi, the Comptroller General (CG) of the NCS, disclosed this during a public hearing on the 2024–2026 medium-term expenditure framework and fiscal strategy at the National Assembly on Wednesday.

According to him, the Customs would have contributed more significantly to Nigeria’s consolidated revenue fund in 2023 without the waivers and concessions.

Adeniyi, who was represented by Mba Musa, the deputy comptroller general, said “the NCS lost N1.3 trillion in 2023 due to waivers and concessions the President Muhammadu Buhari’s administration granted to investors”.

Following this disclosure, Sani Musa, the chairman of the joint committee, called for a Senate probe into the waivers and concessions granted by the previous administration.

Musa emphasized that the focus should be on revenue consolidation rather than continuing with concessions for sectors like cement manufacturing and sugar importation.

“By now we shouldn’t be talking about concession for cement manufacturers, we should not even be talking about sugar importation,” Sani Musa said.

“We should not deny ourselves the revenues that we should generate to make our economy vibrant. By now, we should be consolidating on waivers given to boost revenues.

“We would review the waivers and make our recommendations. By now, you (NCS) should be meeting up on your projected target if there are no waivers.”

The Senate also questioned the NCS about its e-customs modernization project. During the hearing, the senators sought details of the agreement signed by the federal government for the project.

In his response, Adeniyi mentioned that the NCS does not have access to the specifics of the $3.2 billion modernization project agreement.

“We are not privy to details of modernisation agreement of the Nigeria Customs modernisation project,” he said.

KanyiDaily recalls that Tinubu’s National Security Adviser, Nuhu Ribadu linked the current financial hardship in the country to the bankruptcy inherited from Buhari.