The Senate Committee on Finance has opened an investigation into the Federal Government's issuance of Import Duty Exemption Certificates (IDECs) valued at about ₦34 trillion between March 2020 and December 2025, amid concerns over the impact of the waivers on government revenue and fiscal accountability.
The committee, chaired by Senator Sani Musa, also warned that several Ministries, Departments and Agencies (MDAs) that failed to honour invitations to an ongoing probe into the remittance of internally generated revenue and operating surpluses could face legislative sanctions. Lawmakers said persistent offenders risk being referred to President Bola Tinubu for administrative action.
Appearing before the committee, Comptroller-General of the Nigeria Customs Service, Bashir Adewale Adeniyi, disclosed that the value of IDECs issued over the five-year period had risen to about ₦34 trillion. He explained that roughly 60 per cent of the waivers covered duty-free imports of military hardware to support Nigeria's security operations, while the remainder applied to sectors including healthcare, manufacturing, food intervention programmes, compressed natural gas (CNG), and electric and hybrid vehicles.
Adeniyi argued that import duty waivers should be viewed as strategic fiscal incentives rather than revenue losses, noting that they are designed to stimulate investment, strengthen national security, support local industries and reduce the cost of living. He, however, recommended stronger monitoring mechanisms to ensure beneficiaries deliver the intended economic benefits, including increased production, lower consumer prices and job creation.
During the hearing, the committee also directed the Nigeria Customs Service to submit updated audited financial statements and revenue records within one week after concerns were raised that audited accounts had not been submitted beyond 2019. The Corporate Affairs Commission (CAC) also acknowledged an outstanding ₦13.9 billion operating surplus liability, while the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL) was summoned to appear before the committee at a subsequent hearing.
The investigation forms part of the Senate's broader effort to curb revenue leakages, improve accountability in public finance management and determine whether the government's extensive import duty exemptions have achieved their intended economic objectives.
