The Senate Committee on Customs, Excise and Tariff is investigating an alleged N4 trillion ($12.8 billion) revenue leakage in the Nigerian Customs Service between 2006 and 2016.

“What we are investigating is not money spent. It is the leakages. The committee frowns at the quantum of revenue losses and it will stop at nothing in ensuring that those involved in this ugly act return all recoverable monies with them” Hope Uzodinma, the Chairman of the committee, revealed in Abuja.

The committee, however, decried the rising corruption within the Customs Service. According to him, initial investigation carried out has shown that the revenue leakage was due to the abuse and non-implementation of Foreign Exchange forms (e-Form M) which allow importers transfer foreign currency out of the country. Uzodinma also attributes the leakage to other factors such as the wrong classification of cargoes under the Harmonized System Codes (HS Code), non-screening of cargoes coming into Nigeria and lack of adequate ICT infrastructure for revenue collection.

He said the committee has begun questioning the companies and banks involved in the act.

Anita Fatunji