customs

The Nigerian Senate  has said it plans  to investigate revenue leakages amounting to over N4 trillion in the Nigerian Customs Service (NCS).

The Chairman, Senate Committee on Customs, Excise and Tariff, Senator Hope Uzodinma disclosed this to journalists in Abuja.

He said the period under review will be between 2006 to 2016 and would include the tenures of former presidents Olusegun Obasanjo, Umar Musa Yar’ Adua, Goodluck Jonathan as well as the current administration under the leadership of President Muhammadu Buhari.

According to him, preliminary investigations by the committee revealed that the N4 trillion leakage was as a result of several discrepant activities, including abuse, non-implementation of the foreign exchange reforms, non-screening of imported cargoes and lack of infrastructure needed for effective revenue collection.

“The Committee frowns at the quantum of revenue losses and it will stop at nothing in ensuring that those involved in this ugly acts will return all recoverable monies with them,” Uzodinma said.

He further stated that other sharp practices like round tripping, false declarations as well as documents’ forgery have inflicted immeasurable harm on the economy of the nation and dented the integrity of various companies and the Nigerian government.

While assuring Nigerians that the individuals and companies involved in the nefarious acts would be revealed in due course, Uzodinma disclosed that at the end of the exercise, the numerous anomalies in the NCS will become a thing of the past and hence improve non-oil revenue.