Senate Probes ₦34 Trillion Import Duty Waivers, Tightens Oversight Of MDAs Over Revenue Leakages

Senate Probes ₦34 Trillion Import Duty Waivers, Tightens Oversight of MDAs Over Revenue Leakages The Senate has launched a sweeping investigation into Import Duty Exemption Certificates IDECs worth about ₦34 trillion, while intensifying oversight of federal revenue-generating agencies and Ministries, Departments and Agencies MDAs over alleged failures to account for public funds.

The probe, being conducted by the Senate Committee on Finance, is examining import duty waivers granted between March 2020 and December 2025 to determine whether the fiscal incentives achieved their intended economic objectives or contributed to significant revenue losses. Chairman of the committee, Senator Sani Musa, warned that agencies that repeatedly fail to honour legislative invitations could face sanctions, including possible referral to President Bola Tinubu for administrative action. The committee is also investigating the remittance of internally generated revenue and operating surpluses into the Consolidated Revenue Fund CRF.

Appearing before the panel, Comptroller-General of the Nigeria Customs Service NCS, Bashir Adeniyi, disclosed that import duty waivers approved under the IDEC scheme had reached approximately ₦34 trillion by the end of 2025. He explained that nearly 60 per cent of the waivers covered duty-free importation of military equipment to support national security, while the remainder applied to Compressed Natural Gas CNG projects, electric and hybrid vehicles, healthcare equipment, industrial machinery, manufacturing inputs and food import intervention programmes. Adeniyi argued that the waivers should not be viewed solely as revenue losses, saying they were designed to promote national security, industrial growth, healthcare delivery and broader economic development. However, he supported stronger monitoring mechanisms to ensure beneficiaries deliver measurable outcomes such as lower consumer prices, increased local production and improved access to essential goods and services. The hearing also exposed concerns over financial accountability among several agencies. The Fiscal Responsibility Commission FRC alleged that the Nigeria Customs Service had outstanding operating surplus liabilities dating back to 2019, while the Corporate Affairs Commission CAC acknowledged an outstanding ₦13.9 billion liability and said it was gradually settling the amount. The Senate directed the affected agencies to reconcile their records and submit a report within two weeks. In addition, the committee summoned the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited NNPCL and warned defaulting agencies—including the Nigerian Civil Aviation Authority NCAA, Small and Medium Enterprises Development Agency of Nigeria SMEDAN, Industrial Training Fund ITF and Federal Medical Centre FMC, Jabi—to appear before the panel at its next sitting or face legislative sanctions. The Senate said the investigation forms part of broader efforts to strengthen fiscal accountability, curb revenue leakages and ensure government agencies comply with constitutional and statutory obligations regarding the management of public resources.