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Revenue Leakage: Banks Remit N140bn To CBN-Senate

67 views · Published 19 October 2017 · 9:24 · Indexed 26 October 2026

Channel: Viable Tv · 2017 · News & Politics

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The Nigerian Senate has disclosed that Collection Banks had remitted the sum of N140 billion to the Central Bank of Nigeria (CBN).

The senate had on Nov 15, 2016 mandated the committee to carry out a holistic investigation into the activities of NCS with a view to identifying the leakages and irregularities as well as the causes of the declining revenue profile of the service. 

The Upper Chamber made the disclosure sequel to the consideration of the Interim Report of its Joint Committee on Customs, Excise and Tariff and Marine Transport on the investigation into the activities of the Nigerian Customs Service (NCS).


The report was presented by the Chairman of the joint committee, Senator Hope Uzodinma, ‎ n the floor of the Seanate.

The chairman said other leakages identified by the committee as major sources of revenue losses in the import and export value chain are abuse of of waivers and concessions and Import Duty Exemption Certificate (IDEC).

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