Lawmakers seek details on ₦34tn Customs waivers and revenue records
The House of Representatives Committee on Finance has asked the Nigeria Customs Service to provide a detailed breakdown of about ₦34tn in import duty waivers granted in 2025. The committee, led by James Faleke, wants information on the beneficiaries, legal basis, and economic objectives of the waivers. Lawmakers also questioned inconsistencies in Customs’ revenue reporting, despite the agency surpassing its annual targets. The Corporate Affairs Commission was also scrutinised for failing to submit audited financial statements and for owing the Federal Government ₦13.9bn in unremitted surplus.
What we know
- The House committee directed the Nigeria Customs Service to submit a comprehensive breakdown of ₦34tn in import duty waivers granted in 2025, including beneficiaries and the purpose of the waivers.
- James Faleke stated that lawmakers are not against waivers but demand transparency and legislative oversight to ensure economic objectives are met.
- The committee queried inconsistencies in Customs’ revenue reporting, despite the agency exceeding targets of ₦5tn in 2024 and about ₦6tn in 2025, with actual collections of ₦6.1tn and ₦7.2tn respectively.
- Kikelomo Adeola clarified that the Federal Ministry of Finance, not Customs, approves waivers, while Customs implements them.
- The Corporate Affairs Commission was directed to reconcile accounts and settle a ₦13.9bn unremitted surplus, with a repayment plan of quarterly ₦500m payments agreed upon by Hussaini Magaji.
