The Nigeria Customs Service (NCS) has revealed that Nigeria lost a staggering N1.3 trillion due to waivers and concessions granted by the administration of former President Muhammadu Buhari to investors.
The Comptroller-General of Customs, Adewale Adeniyi, made this disclosure at a public hearing organized by the Senate joint committee on the 2024–2026 Medium-Term Expenditure Framework and Fiscal Strategy at the National Assembly complex in Abuja.
Adeniyi also stated that the NCS was not privy to details of the controversial Customs $3.2 billion modernization project, also known as e-Customs, approved by the Buhari administration in April.
“We are not privy to details of the modernization agreement for the Nigeria Customs modernization project,” he said.
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In April 2023, the Federal Executive Council approved the Nigeria Customs Service modernization project, also known as e-customs, despite a court order restraining the Federal Government from proceeding with the initiative.
The project was awarded to Bergman Securities Consultant and Suppliers Limited as the project sponsor, Africa Finance Corporation UFC as the lead financier, and Huawei Technologies as the lead technical service provider.
However, the project has faced criticism from stakeholders, who argue that it jeopardizes the future of the service and poses a threat to national security. The loss of N1.3 trillion in 2023 due to waivers and concessions further underscores the challenges facing the NCS and the Nigerian economy. #Waivers,