N1.3trn lost to waivers granted by Buhari – Customs

The Nigeria Customs Service (NCS) said Nigeria lost a sum of N1.3 trillion in waivers and concessions granted by the administration of former President Muhammadu Buhari to investors.

The Comptroller-General of Customs, Adewale Adeniyi, disclosed this while speaking on Wednesday 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 on Thursday.

Recall that Buhari completed his eight-year tenure on May 29.

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Adeniyi also said 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.

Represented by Deputy Comptroller General Mba Musa, the Customs chief said, “We are not privy to details of the modernization agreement for the Nigeria Customs modernization project.

“The NCS lost N1.3 trillion in 2023 due to waivers and concessions the President Muhammadu Buhari’s administration granted to investors,” he added.

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.

President Buhari’s administration specifically endorsed the implementation of the customs modernization project for a concessionaire.

The concessionaire 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, stakeholders criticized the project, contending that it jeopardizes the future of the service and poses a threat to national security.