Financial analysts are expressing deep concern after the Nigeria Customs Service revealed that the federal government granted import duty waivers totaling N34 trillion in 2025. This figure represents over 61 percent of the nation’s annual budget. Comptroller-General Bashir Adeniyi disclosed the data during a Senate Committee on Finance hearing, noting that while some exemptions supported military hardware, medical supplies, and food intervention programs, the cumulative impact has severely strained national revenue.
Compared to the N7.28 trillion in revenue actually collected by the Customs Service in 2025, the waiver amount is staggering. Experts Godwin Oyedokun and Gbolade Idakolo have condemned the scale of these losses, warning that such massive concessions without transparent, measurable outcomes may facilitate corruption. Professor Oyedokun emphasized that the government must prove these incentives lead to job creation and industrial growth, rather than acting as a drain on the treasury. He cautioned that failing to properly manage these waivers worsens fiscal deficits and forces the country to rely on increased borrowing.
Gbolade Idakolo, CEO of SD & D Capital Management, echoed these sentiments, labeling the revenue gap as alarming. He stated that the N34 trillion could have funded a substantial portion of the 2025 budget without needing to incur more debt. Both experts are calling for a thorough audit and stricter oversight to ensure that fiscal incentives are not being exploited as channels for financial leakage. They urged the government to implement rigorous cost-benefit assessments and hold accountable any agencies involved in the misuse of the waiver system.
