The Nigeria Customs Service (NCS) revealed that Nigeria suffered a loss of N1.3 trillion due to waivers and concessions granted to investors during former President Muhammadu Buhari’s administration.
Adewale Adeniyi, the Comptroller-General of Customs, disclosed this during a Senate joint committee’s public hearing on the 2024–2026 Medium-Term Expenditure Framework and Fiscal Strategy at the National Assembly complex in Abuja.
Additionally, Adeniyi mentioned that the NCS lacked insight into the specifics of the contentious $3.2 billion Customs modernization project (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.
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