The Nigeria Customs Service (NCS) disclosed that import duty exemptions cost the federal government N34 trillion in 2025, a figure that underscores the scale of revenue leakage through policy waivers.
The revelation came during an investigative session with the Senate Committee on Finance in Abuja, where customs officials faced scrutiny over revenue performance and collection efficiency.
The disclosure by NCS leadership highlights a significant gap between gross potential revenue and actual collections.
While the agency is tasked with maximizing customs receipts, the volume of goods entering the country under exempt status has resulted in a substantial fiscal shortfall.
This data point provides critical context for understanding the challenges facing Nigeria's primary revenue-generating agency as it navigates a complex trade environment.
The timing of the disclosure is particularly relevant given the legislative backdrop.