ABUJA, Nigeria – Economists and financial analysts have expressed concern after the Nigeria Customs Service disclosed that the Federal Government granted import duty waivers worth ₦34 trillion in 2025, a figure equivalent to about 61 percent of the national budget for the year.
The Comptroller-General of Customs, Bashir Adeniyi, made the disclosure during an investigative hearing before the Senate Committee on Finance, explaining that the exemptions were granted through Import Duty Exemption Certificate (IDEC) approvals covering military hardware, compressed natural gas (CNG) equipment, electric and hybrid vehicles, healthcare supplies, industrial machinery, manufacturing inputs, and food import intervention programmes.
According to the Customs Service, about 60 percent of the waivers were linked to military procurements aimed at addressing Nigeria's security challenges.
The revelation comes despite the Nigeria Customs Service generating ₦7.28 trillion in revenue during the same period, meaning the value of waived duties exceeded customs revenue by more than four times.
Reacting to the figures, Professor of Accounting and Finance at Lead City University, Godwin Oyedokun, described import waivers as legitimate economic tools but insisted they must produce measurable benefits such as increased local production, job creation, export growth, and industrial development.
He warned that if such outcomes cannot be demonstrated, Nigeria may have forfeited critical public revenue without achieving its intended economic objectives.
Oyedokun also cautioned that excessive or poorly managed waivers could widen the country's budget deficit, increase borrowing, reduce funding for essential sectors, and distort market competition.
Similarly, Chief Executive Officer of SD & D Capital Management, Gbolade Idakolo, described the reported ₦34 trillion in waived duties as alarming, warning that the figure could indicate significant revenue leakages or corruption within the system.
He urged the Federal Government to conduct a comprehensive investigation, review the import waiver policy, and sanction any agencies or officials found to have abused the process.
The economists maintained that while duty waivers remain important for economic growth, they should be granted transparently and only where the long-term economic benefits clearly outweigh the immediate loss of government revenue.
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