By George Mgbeleke<\/p>\n
Visibly angry at the absence of some key revenue earning of the federal government at Senate public hearing by Senate Committee on Finance on Monday,the panel threatened heads of the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria ( SMEDAN), Industrial Training Fund ( ITF), Federal Medical Centre ( FMC) Jabi etc , with severe sanctions for failing to appear before it .<\/p>\n
This is as Comptroller – General of Nigeria Customs Service ( NCS), Bashir Adewale Adeniyi has declared that costs of Import Duty Exemption Certificates ( IDEC) approvals on some imported goods and equipments, which commenced in March 2020, rose to N34trillion in 2025.<\/p>\n
The Customs CG at the investigative session the committee had with some revenue generating agencies on Monday , said policies of government at different times affect revenue generating capacity of Customs , positively or negatively.<\/p>\n
According to him , Customs as a leading revenue generating agency , would have generated far above , what it did in the past years ,if not for some government policies and other extraneous factors that inhibited it from doing so <\/p>\n
He specifically informed the committee that Import Duty Exemption Certificates ( IDEC) on some goods and equipments introduced in March 2020 , is one of such policies inhibiting Customs revenue generation .<\/p>\n
“IDEC approvals reached about \u20a634 trillion in 2025 60% of which as rightly done by government related to military hardware procurements which attracted duty exemptions because of Nigeria’s prevailing security challenges.<\/p>\n
” Other government-backed waivers, included
\nImportation of Compressed Natural Gas (CNG), electric and hybrid vehicles, Healthcare equipment and medical supplies; Industrial machinery and manufacturing inputs; and
\nFood import intervention programmes”, he said .<\/p>\n
He however explained that fiscal policy should not be viewed solely from the perspective of revenue generation but also in terms of achieving broader economic and social objectives but suggested that government should establish stronger monitoring mechanisms to assess whether beneficiaries of duty waivers were delivering the intended economic benefits, such as lower prices, increased production and improved healthcare access.<\/p>\n
Earlier in his submission , he said out of the N11. 04trillion revenue projected for 2026, N4.5trillion was generated by 30th of June , leaving balance of about N7trillion left to meet up with the set target for the fiscal year .<\/p>\n
However, Bello Gulmare who represented Fiscal Responsibility Commission ( FRC) as Deputy Director , Monitoring &:Evaluation , alleged that Customs as at 2019, has N8.9billion liability of non – remittance of operating surplus into the Consolidated Revenue Fund ( CFR) , which was vehemently kicked against by Customs .<\/p>\n
Similar liability on non remittance of operational surplus was made to the Corporate Affairs Commission ( CAC) , totalling N13.9billion from 2023 to 2025 which the Registrar – General of CAC , Hussaini Ishaq Magaji said was being upset gradually . <\/p>\n
The committee chaired by Senator Sani Musa ( Niger East), however directed that CAC, the FRC and the committee should hold a meeting to reconcile the details in order to ascertain the exact outstanding balances.<\/p>\n
” Detailed report on outcome of the planned meeting , should be ready within the next two weeks for another interface with CAC .<\/p>\n
” Heads of agencies like NCAA , ITF , SMEDAN , FMC Jabi etc , who failed to physically attend today’s session , should unfailingly make themselves available at next sitting or risk severe sanction through invocation of relevant section of our rules against them”, he warned .<\/p>\n","protected":false},"excerpt":{"rendered":"
By George Mgbeleke Visibly angry at the absence of some key revenue earning of the federal government at Senate public hearing by Senate Committee on Finance on Monday,the panel threatened heads of the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria ( SMEDAN), Industrial Training Fund ( ITF), Federal Medical […]<\/p>\n","protected":false},"author":2,"featured_media":8992,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-15504","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-economy"],"_links":{"self":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts\/15504","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/comments?post=15504"}],"version-history":[{"count":4,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts\/15504\/revisions"}],"predecessor-version":[{"id":15533,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts\/15504\/revisions\/15533"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/media\/8992"}],"wp:attachment":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/media?parent=15504"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/categories?post=15504"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/tags?post=15504"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}