The Senate has intensified its oversight of federal revenue-generating agencies by launching an investigation into import duty waivers valued at about ₦34 trillion. Lawmakers also warned Ministries, Departments and Agencies (MDAs) to account for public funds or face sanctions.
The investigation focuses on Import Duty Exemption Certificates (IDECs) issued between March 2000 and December 2025. Senators want to determine whether the incentives achieved their intended economic objectives.
Customs defends duty waivers
Comptroller-General of the Nigeria Customs Service (NCS), Bashir Adeniyi, defended the waiver policy during the hearing.
He said the incentives supported national security, compressed natural gas (CNG) projects, electric and hybrid vehicles, healthcare, manufacturing and food import programmes.
According to Adeniyi, the policy should not be assessed solely by the revenue government forgave.
Instead, he said lawmakers should consider its impact on economic growth, industrial development, healthcare delivery and national security.
However, he supported stronger monitoring of companies that benefit from the waivers. He said authorities should ensure the incentives translate into lower consumer prices and increased local production.
Senate orders Customs to submit accounts
The hearing also shifted attention to financial accountability among government agencies.
The Fiscal Responsibility Commission (FRC) informed lawmakers that the Nigeria Customs Service had not submitted audited financial statements beyond 2019.
The commission estimated Customs’ outstanding operating surplus liability at about ₦8.9 billion.
Consequently, the Senate Committee on Finance directed the agency to submit all outstanding audited accounts and revenue records within one week.
CAC admits outstanding liability
The Corporate Affairs Commission (CAC) also acknowledged an outstanding ₦13.9 billion in unremitted revenue covering 2023 to 2025.
Although the commission said it had begun repayments, lawmakers directed the CAC, the Fiscal Responsibility Commission and the committee’s secretariat to reconcile the figures and determine the exact liability.
Meanwhile, the committee summoned the leadership of the Nigerian National Petroleum Company Limited (NNPCL) after rejecting explanations presented by company officials.
Lawmakers insisted that only the Group Chief Executive Officer and senior management could answer questions relating to revenue remittances and financial reforms.
Senate warns defaulting MDAs
Committee Chairman, Senator Sani Musa, expressed concern over the failure of several MDAs to honour invitations to the investigative hearing.
The affected agencies include the Office of the Accountant-General of the Federation, Industrial Training Fund, Nigerian Communications Commission, Nigerian Maritime Administration and Safety Agency, Federal Airports Authority of Nigeria, Nigerian Civil Aviation Authority and the Small and Medium Enterprises Development Agency of Nigeria.
Musa warned that agencies that repeatedly ignore legislative summonses could face sanctions. He added that persistent defaulters could also be reported to President Bola Tinubu for administrative action.
What happens next?
The Senate Committee on Finance expects the Nigeria Customs Service to submit its outstanding audited accounts within one week. In addition, the committee has summoned the NNPCL leadership to appear at its next hearing as lawmakers continue their investigation into duty waivers and revenue accountability across federal agencies.
