N1.8tr Lost Due To IDEC – NCS

By Oduyemi Odumade

The Comptroller General Nigeria Custom Service, Mr Wale Adeniyi, says the service lost 1.8 trillion naira in 2023 due to lmport Duty Exemption Certificate, IDEC.

Mr Adeniyi who disclosed this when he appeared before the House of Representatives committee on appropriation in Abuja said the figure in addition to what the service generated from January to date, would have enabled the NCS to achieve its target.

According to him, the power of issuing the certificate is vested with the President, delegated to the Minister of finance, which if handled properly, has benefits to Nigeria.

“I have seen this well executed in some developing countries, where their customs administration implemented IDEC successfully and the benefits are so many in terms of regenerating the economy, interms of creating employment, interms of even tax as well as interms of ensuring that we keep our companies in production”.

The Custom boss said the service targets 5 trillion naira revenue in 2024.

The Chairman House Committee on Appropriation, Mr Abubakar Bichi, however charged the service to increase its targeted revenue of 2024 from five to six trillion naira without negative ripple effects on the citizens.

According to him, the ability of the service to achieve 82% of its revenue target in 2023 is proof that it can do more in 2024.

Edited By Grace Namiji