In a recent revelation by the Controller General of the Nigeria Customs Service (NCS), it has been disclosed that Nigeria incurred a substantial loss of N1.3 trillion in 2023 owing to the granting of waivers and concessions. The Deputy Controller of Customs, Musa Mba, standing in for Controller General Adewale Adeniyi, emphasized that the Customs could have significantly contributed to the national revenue had it not been for these concessions to investors.<\/p>\n
Musa Mba highlighted that the lost N1.3 trillion, if retained, could have been utilized to service the nation’s debt, emphasizing the critical need to reconsider the approach to providing incentives. He stated, “We should explore alternative methods for granting incentives; this area requires careful scrutiny.”<\/p>\n
Expressing concern over this significant financial setback, Senator Sani Musa, Chairman of the Joint Committee, announced the Senate’s decision to launch an investigation into the matter of granting waivers and concessions within the country. He remarked, “It’s time to reassess the need for concessions to sectors like cement manufacturing and sugar importation. We cannot afford to deny ourselves essential revenue that could invigorate our economy. It’s high time we reevaluate the effectiveness of waivers and make necessary recommendations. We should be meeting our projected targets without relying on unnecessary waivers.”<\/p>\n","protected":false},"excerpt":{"rendered":"
In a recent revelation by the Controller General of the Nigeria Customs Service (NCS), it has been disclosed that Nigeria incurred a substantial loss of N1.3 trillion in 2023 owing to the granting of waivers and concessions. The Deputy Controller of Customs, Musa Mba, standing in for Controller General Adewale Adeniyi, emphasized that the Customs […]<\/p>\n","protected":false},"author":11,"featured_media":6692,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[182],"tags":[],"class_list":["post-6690","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-defence-and-security"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/6690","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=6690"}],"version-history":[{"count":3,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/6690\/revisions"}],"predecessor-version":[{"id":6705,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/6690\/revisions\/6705"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/6692"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=6690"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=6690"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=6690"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}