….Customs ordered to produce overdue audited accounts, CAC admits ₦13.9bn liability.

…NNPCL GCEO summoned as lawmakers warn defaulting agencies of sanctions, possible presidential referral

 

The Senate has intensified its oversight of federal revenue-generating agencies, opening a far-reaching investigation into import duty waivers valued at about ₦34 trillion while cracking down on Ministries, Departments and Agencies (MDAs) accused of failing to account for public funds.

At a tense investigative hearing on Monday, the Senate Committee on Finance warned that agencies repeatedly ignoring legislative summons could face sanctions, with the most persistent offenders liable to be reported to President Bola Tinubu for administrative action.

The committee’s scrutiny centred on Import Duty Exemption Certificates (IDECs) issued between March 2000 and December 2025, with lawmakers seeking to determine whether the massive tax incentives delivered the economic gains they were designed to achieve.

Leading the defence of the policy, Comptroller-General of the Nigeria Customs Service (NCS), Bashir Adewale Adeniyi, argued that the waivers were strategic investments rather than revenue losses. He disclosed that nearly 60 per cent covered military equipment procured to strengthen national security, while others supported CNG projects, electric and hybrid vehicles, healthcare, manufacturing and food import interventions.

Adeniyi maintained that the value of the incentives should be measured by their contribution to economic growth, industrial expansion, healthcare delivery and national security—not simply by the customs revenue forgone.
He nevertheless backed tighter monitoring of beneficiaries to ensure companies receiving the incentives translate them into lower consumer prices, higher local production and other measurable economic outcomes.

The hearing also highlighted Customs’ revenue trajectory. Adeniyi said the Service generated ₦3.2 trillion in 2023 before exceeding expectations with ₦6.1 trillion in 2024 and ₦7.2 trillion in 2025. Customs has already realised about ₦4.5 trillion in the first half of 2026 and expects collections to accelerate as trade volumes improve.

However, lawmakers shifted attention from revenue growth to financial accountability after the Fiscal Responsibility Commission (FRC) revealed that Customs had not submitted audited financial statements beyond 2019.

The Commission estimated the agency’s outstanding operating surplus liability at about ₦8.9 billion, prompting the committee to order Customs to submit all outstanding audited accounts and revenue records within one week.

The probe also exposed compliance issues at the Corporate Affairs Commission (CAC), which acknowledged an outstanding ₦13.9 billion in unremitted revenue covering 2023 to 2025.

Although Registrar-General Hussaini Ishaq Magaji told lawmakers that repayments had commenced, the committee directed the CAC, the Fiscal Responsibility Commission and its secretariat to reconcile the figures and establish the exact liability.

The Nigerian National Petroleum Company Limited (NNPCL) also came under fire after its Group Chief Executive Officer failed to honour the committee’s invitation.

Lawmakers rejected explanations offered by company officials, insisting that only the GCEO and senior management could adequately respond to questions on revenue remittances, Executive Orders and ongoing financial reforms. The committee consequently ordered the NNPCL leadership to appear next week.

Elsewhere, Senator Adams Oshiomhole questioned the Federal Government’s reduced import duties on certain categories of vehicles, warning that the policy could weaken Nigeria’s automobile assembly industry by encouraging greater dependence on imported vehicles.

Adeniyi responded that Customs merely implements government policy and acknowledged that while the measure could reduce revenue, it was introduced to make vehicles more affordable for Nigerians.

The Customs boss also announced progress on the National Single Window initiative, saying digital integration among government agencies is advancing and is expected to improve trade efficiency, transparency and Nigeria’s competitiveness.

Closing the hearing, Committee Chairman Senator Sani Musa expressed frustration over the absence of several key MDAs, including the Office of the Accountant-General of the Federation, ITF, NCC, NIMASA, FAAN, NCAA, SMEDAN and others.

He declared that the Senate would no longer tolerate disregard for its constitutional oversight responsibilities, warning that agencies failing to appear or account for public revenues risk sanctions and possible referral to President Tinubu.

The hearing underscored a broader message from lawmakers: beyond raising revenue, federal agencies must also demonstrate transparency, timely financial reporting and full compliance with statutory remittance obligation.