The Federal Government of Nigeria has announced plans to review waivers granted on duties to minimize revenue losses.
The decision was made during the week’s Federal Executive Council (FEC) meeting presided over by President Bola Tinubu.
According to the Minister of Information and National Orientation, Mohammed Idris, the Customs reported a loss of over N1.3 trillion to waivers in 2023 alone.
The review aims to ensure that Nigeria does not continue to lose money needed for the country’s development.
Additionally, FEC approved two contracts worth N6.32 billion for the Ministry of Aviation and Aerospace Development. Minister Festus Keyamo stated that the contracts include technical support services at the Murtala Mohammed International Airport in Lagos and the fixing of navigational equipment at the Port Harcourt International Airport.
These decisions reflect the government’s efforts to address revenue challenges and enhance financial management in the country.
