Federal Government recovers N140b from Customs

   The probe by the joint Senate Committees on Customs, Excise and Tariff and Marine Transport has led to the recovery of N140 billion, Senator Hope Uzodinma has said.

Uzodinma, who is chair of the committee spoke yesterday while presenting an interim report on the investigation of the Nigerian Customs Service, NCS, to the House.
   The lawmaker highlighted wrong tariff classification, misuse of procedure codes, abuse of diplomatic cargo, falsification of import documentation and undervaluation, among others, as causes of revenue loss.

   He said the infractions distort the economic profile of the country and place extensive pressures on Nigeria’s foreign reserves. He added that the joint committees would produce a more comprehensive report within eight weeks.