Economists react as Nigeria loses N34 trillion to import duty waivers

Economists and fiscal analysts are alarmed pursuing the revelation that Nigeria mislaid N34 trillion, which represents 61 percent of the 2025 budget, to import waivers successful the aforesaid year. 

DAILY POST reports that the Comptroller-General of the Nigeria Customs Service, Bashir Adeniyi, said work exemption certificate approvals granted by the national authorities connected goods and instrumentality amounted to N34 trillion. 

Adeniyi made the disclosure known successful an investigative proceeding connected the Senate Committee connected Finance connected Monday. 

According to him, the country’s import work exemption certificate issuance has depleted the nation’s revenue. 

He noted the national government’s fiscal measures person some affirmative and antagonistic impacts connected the service’s gross procreation capacity. 

He said, “IDEC approvals reached astir N34 trillion successful 2025, 60 percent of which was rightly done by the authorities related to subject hardware procurements, which attracted work exemptions due to the fact that of Nigeria’s prevailing information challenges. 

“O...