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The probe by the joint Senate Committees on Customs, Excise and Tariff and Marine Transport has led to the recovery of N140 billion, Senator Hope Uzodinma, said on Wednesday. Uzodinma, who is chair of the committee spoke while presenting an interim report on the investigation of the Nigerian Customs Service (NCS) to the House.
The lawmaker highlighted wrong tariff classification, misuse of procedure codes, abuse of diplomatic cargo, falsification of import documentation and undervaluation, among others, as causes of revenue loss.
He said the infractions distort the economic profile of the country and place extensive pressures on Nigeria’s foreign reserves. “As a result of this exercise, some collection banks have made additional remittances to the Central Bank of Nigeria (CBN) to the tune of N128 billion and evidence of payment and receipt have been received by the committee.
Photo Caption: Nigerian Custom Service Logo
