Economists have expressed concern over Nigeria’s estimated ₦34 trillion revenue loss resulting from import duty waivers granted between 2000 and 2025, warning that the policy has significantly reduced government earnings.
They said that while the waivers have supported critical sectors such as security, healthcare, manufacturing, and the importation of Compressed Natural Gas (CNG) equipment, only eligible beneficiaries should receive the incentives to prevent unnecessary revenue losses.
The experts urged the Nigerian government to strengthen oversight of the duty waiver programme to ensure beneficiaries meet the objectives of the incentives, including lowering the cost of goods and boosting local production.
The issue has renewed debate over the management of Nigeria’s duty waiver system, with the Senate launching an investigation into the approval process and supporting documents to ensure transparency and safeguard government revenue.