Senate Questions Customs Over N4trn Revenue Leakage In 10 Years

Speaking on Sunday with newsmen in Abuja, the Chairman of the Committee on Customs, Excise and Tariff, Sen. Hope Uzodinma, said that the committee would stop at nothing in recovering the money, which was lost to lapses and various infractions.
Uzodinma further explained that preliminary investigation by the committee revealed that the over N4 trillion revenue leakage was due to abuse and non-implementation of Form M (Foreign Exchange forms).
He added that wrong classification of cargo under HS Code (Harmonised System Codes), non-screening of cargoes coming into Nigeria and lack of adequate ICT infrastructure for revenue collection, were equally responsible.
The chairman added that cancellation of pre-arrival assessment reports and abandonment of single goods declaration were equally responsible for the leakage.

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