FG loses N603.2b to waivers, others in 2013 – Customs CG

It emerged on Monday that the revenue that accrued to the Federation Account so far this year from the non-oil sector is short of a whopping N603.2 billion.
The Comptroller-General of the Nigeria Customs Service, Abdullahi Dikko, told a Senate Committee that the projected revenue for 2013 is N718 billion, but only N530 billion has been realised, leaving a shortfall of N188b.
Dikko disclosed this while appearing before members of the Senate Joint Committee on Finance and Appropriations.
He said the exact revenue loss was N603,236,211,198.93 billion.
The Joint Committee on Finance and Appropriations is appraising the 2013 budget as it affects the federal revenue-generating agencies.
According to Dikko, the huge revenue loss could be attributed to eight different reasons.
He said out of this figure, waivers on petroleum products gulped a whopping N236,881,899,749.05.
Also, the CGC put the other sources of losses to the government as: waivers, that’s Import Duty Exemption -N86,484,973,793.00; revenue conceded to the NDCC instrument – N59,555,073; import substitution and industrialisation in drastic reaction in import of rice – 96,945,233,060.00.
Other reasons are: revenue loss to manufacturers and assemblers (CKD/BULK) – N76,119,889,825.12; revenue held in indemnities, January to March, 2013 for Rice/Sugar – N5,430,000,000.00; drop in excise duty revenue due to close of some excise factories and de-excising of some excisable goods – N11,871,723,000.00; and revenue lost to WRLS (ECOWAS Trade Liberalisation Scheme) for transaction entered in the economic sub-region – N2,947,428,861.00.