Nigeria's ₦34 Trillion Import Duty Waivers Trigger Senate Probe as Economists Warn of Revenue Leakages - Ben Television | Breaking - Nigeria, Africa and World Top News.
Economists warn of possible revenue leakages as Nigerians question whether massive import incentives delivered real economic benefits The revelation that the Federal Government approved an estimated ₦34 trillion worth of import duty waivers in 2025 has ignited fresh concerns over transparency, public finance and accountability, with many Nigerians asking a simple question: How can a. . . Read More
Economists warn of possible revenue leakages as Nigerians question whether massive import incentives delivered real economic benefitsThe revelation that the Federal Government approved an estimated₦34 trillion worth of import duty waivers in 2025has ignited fresh concerns over transparency, public finance and accountability, with many Nigerians asking a simple question:How can a country struggling with rising debt afford to forgo revenue equivalent to more than half of its national budget?The disclosure, made by the Comptroller-General of the Nigeria Customs Service (NCS),Bashir Adewale Adeniyi, before the Senate Committee on Finance, has since triggered a legislative investigation and renewed scrutiny of one of Nigeria’s most controversial fiscal incentive programmes. The figure is staggering by any measure. At₦34 trillion, the value of the approved Import Duty Exemption Certificates (IDECs) is roughly62 percent of Nigeria’s ₦54. 99 trillion 2025 budgetand nearly five times the₦7. 28 trillionrevenue generated by the Nigeria Customs Service during the same period. The development has fueled calls for an independent audit of the waiver regime, with economists warning that while import waivers are legitimate economic tools, they must never become channels for revenue leakages or abuse. Why the government granted the waiversAppearing before lawmakers during an investigative hearing in Abuja, Adeniyi explained that the Customs Service was not responsible for approving the exemptions but merely implemented fiscal policies approved by the Federal Government. According to him, nearly60 percent of the waiverscoveredmilitary hardware imports, which received duty exemptions because of Nigeria’s worsening security challenges. —————————————————————————————————————————————Your help to our media platform will support the delivery of the independent journalism and broadcast the world needs. Support us by making any contribution. Your donation and support allows us to be completely focus, deeply investigative and independent. It also affords us the opportunity to produce more programmes online which is a platform universally utilised. Thank you. Please click link to make –DONATION