The Senate Committee on Finance has launched an investigation into the Federal Government's issuance of Import Duty Exemption Certificates (IDEC) worth N34 trillion between 2020 and 2025, warning that agencies failing to attend hearings could face sanctions.

The probe follows concerns over revenue loss from waivers, with Customs Service chief Adewale Adeniyi revealing that IDEC approvals reached N34 trillion in 2025.Sixty percent of waivers were for military hardware due to security challenges, while others included CNG, electric vehicles, and medical supplies.The committee also scrutinized the Corporate Affairs Commission (CAC), which admitted to an unremitted revenue of N13.9 billion.

The Fiscal Responsibility Commission confirmed all Customs revenue is remitted to the Treasury Single Account but noted the Service hasn't submitted audited accounts since 2019.

The Senate warned that persistent non-compliance could lead to administrative action by President Tinubu, emphasizing accountability for public resources.The hearing also addressed reduced import duties on vehicles, with debates on their impact on Nigeria's automotive industry.

Customs reported revenue growth of 70% in exports since 2023, while the NNPCL's CFO absence sparked demands for senior management to address compliance issues.The committee stressed that agencies must account for revenues collected on behalf of the government.