Waivers and concessions granted by the administration of former President Muhammadu Buhari to investors have been identified by the Nigeria Customs Service (NCS) as reasons for a N1.3trillion loss incurred.
The Comptroller-General of Customs, Adewale Adeniyi speaking on Wednesday at a public hearing organised 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 made this known.
Represented by the Deputy Comptroller General Mba Musa, the Customs chief said, “We are not privy to details of the modernisation agreement for the Nigeria Customs modernisation 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 modernisation 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 modernisation 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 criticised the project, contending that it jeopardises the future of the service and poses a threat to national security.