The Nigeria Customs Service (NCS) has disclosed that the country lost a staggering sum of N1.3tn during the administration of President Muhammadu Buhari. The loss is said to be a result of waivers and concessions granted to investors by the government. The NCS also revealed that it was not aware of the details of the Customs $3.2bn modernization project.
The revelation was made by the Comptroller General of the NCS, Adewale Adeniyi, during a public hearing held by the Senate Joint Committees probing the 2024-2026 Medium-Term Expenditure Framework and Fiscal Strategy. Adeniyi was represented by the Deputy Comptroller General, Mba Musa.
Senators at the hearing sought clarification from the Customs CG regarding the specifics of the agreement signed by the federal government for the modernization of Nigeria Customs. It should be noted that the Nigeria Customs Service modernization project, also known as e-customs, was approved by the Federal Executive Council in April 2023, despite a court order restraining the government from proceeding with the initiative.
Under the approved project, the concessions for the implementation of the Customs modernization project were granted 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, critics have expressed concerns over the project, arguing that it jeopardizes the future of the Customs service and poses risks to national security.
During the Senate joint panel hearing, Mba informed the lawmakers that the Nigeria Customs Service was not privy to the details of the modernization agreement. He stated, “We are not privy to details of the Nigeria Customs Modernization Project.”
Mba further revealed that the NCS had lost N1.3tn in 2023 alone due to waivers and concessions granted by the Buhari administration to investors. He emphasized that if not for these arrangements, the NCS would have generated more revenue for the nation’s Consolidated Revenue Fund.
Unsatisfied with the arrangement, Senator Musa, the Chairman of the Joint Committee, announced that the Senate would commence an investigation into the granting of waivers and concessions in the country. He expressed the need to generate revenue to strengthen the economy and stated that the committee would review the waivers and make recommendations accordingly.
The disclosure of the significant loss incurred under the Buhari administration raises concerns about financial management, revenue generation, and the transparency of concessions and waivers. It underscores the urgent need for a thorough investigation and reforms to ensure the effective and efficient utilization of Nigeria’s resources.
