FG: Nigeria Lost N4.6tn to Import Waivers in Two Years

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Zainab Ahmed

Francis Ndubuisi in Abuja

The federal government has stated that it lost N4.6 trillion to waivers granted to importers in 2017 and 2018.

As part of her commitment to block leakages and improve the revenue base of the country, the Minister of Finance, Mrs. Zainab Shamsuna Ahmed, has received the Full Business Case Certificate of Compliance for the Import Duty Exemption Certificate (IDEC) project from the Infrastructure Concession Regulatory Commission (ICRC).

The certificate of compliance was presented to the minister by the ICRC Director-General/CEO, Chidi Izuwah, in Abuja.

According to a statement issued yesterday by the minister’s media aide, Mr. Paul Ella Abechi, the minister, who was pleased with the development, commended the director general of ICRC for expediting action on the project.

She said: “it is really a good time for me that this project that I was really particular about since I came is coming to operation.”

Ahmed who commended the director general of ICRC for expediting action on the project, urged the ministry’s staff to “take full advantage of the IDEC portal and put it into full use to enable the federal government get full value for its revenues.”

The Full Business Case Compliance Certificate is for the development, deployment and management of automated customs gateway portal for Import Duty Exemption Certificate under a Public Private Partnership (PPP) arrangement with Forecore Technology Solution Limited, as the preferred partner to develop, deploy, manage and transfer for a 10-year concession period.

Ahmed lamented that government has “been experiencing significant drain in revenues due to the inability to adequately control the IDEC processes. It is really a good time for me that this project that I was really particular about since I came is coming to operation.”