Economists warn of possible revenue leakages as Nigerians question whether massive import incentives delivered real economic benefits

The revelation that the Federal Government approved an estimated ₦34 trillion worth of import duty waivers in 2025 has ignited fresh concerns over transparency, public finance and accountability, with many Nigerians asking a simple question: How can a country struggling with rising debt afford to forgo revenue equivalent to more than half of its national budget?

The disclosure, made by the Comptroller-General of the Nigeria Customs Service (NCS), Bashir Adewale Adeniyi, before the Senate Committee on Finance, has since triggered a legislative investigation and renewed scrutiny of one of Nigeria’s most controversial fiscal incentive programmes.

The figure is staggering by any measure.

At ₦34 trillion, the value of the approved Import Duty Exemption Certificates (IDECs) is roughly 62 percent of Nigeria’s ₦54.99 trillion 2025 budget and nearly five times the ₦7.28 trillion revenue generated by the Nigeria Customs Service during the same period.

The development has fueled calls for an independent audit of the waiver regime, with economists warning that while import waivers are legitimate economic tools, they must never become channels for revenue leakages or abuse.

Why the government granted the waivers

Appearing before lawmakers during an investigative hearing in Abuja, Adeniyi explained that the Customs Service was not responsible for approving the exemptions but merely implemented fiscal policies approved by the Federal Government.

According to him, nearly 60 percent of the waivers covered military hardware imports, which received duty exemptions because of Nigeria’s worsening security challenges.