Connect with us

Business

Reps demand fresh submissions from Customs, CBN over export revenue leakages

Published

on

Reps demand fresh submissions from Customs, CBN over export revenue leakages
Spread The News

The House of Representatives Ad-hoc Committee investigating pre-shipment inspection of exports and non-remittance of crude oil proceeds has demanded comprehensive documentation from the Nigeria Customs Service, Central Bank of Nigeria, Nigerian Ports Authority, and the Nigerian Association of Chambers of Commerce over their respective roles in export processes.

Chairman of the Committee, Seyi Sowunmi, gave the directive on Wednesday at a resumed investigative hearing at the National Assembly Complex, Abuja. The probe follows a resolution of the House to investigate alleged lapses in the pre-shipment inspection regime and persistent concerns over the non-remittance or under-remittance of crude oil proceeds to the Federation Account.

Lawmakers had expressed worries over revenue leakages in both oil and non-oil exports, prompting the constitution of the ad-hoc panel to determine the roles of relevant agencies and identify accountability gaps.

The investigation centers on allegations that operators in the oil and gas sector failed to repatriate between 40 and 45 percent of Nigeria’s crude oil export proceeds—amounting to approximately $850 billion between 1996 and 2014—in violation of the Pre-Shipment Inspection of Exports Act.

The committee assured stakeholders that it would communicate new dates for further appearances, stressing that all relevant documents must be submitted to enable it to determine whether procedural gaps or institutional overlaps have contributed to the alleged non-remittance of crude oil proceeds.

ALSO READ: MTN, Airtel generate over N3.6trn from data as Nigerians’ internet usage hits new highs

During the hearing, various agencies explained their functions in the export chain. Representatives from the Standards Organisation of Nigeria outlined their role in issuing export permits and conducting physical inspections to ensure exported goods match documentation provided by the CBN.

The Nigerian Ports Authority explained that it appoints agents at export terminals who relay operational data, working in collaboration with other government agencies within clearly defined jurisdictional limits.

The probe reflects the House’s determination to plug massive revenue leakages that lawmakers say have cost Nigeria hospitals, schools, infrastructure, and opportunities for millions of citizens.

The committee has warned that where breaches are discovered, appropriate civil and criminal sanctions will be applied against violators.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published.

Trending