Nigeria loses N7trn to smugglers annually – Senate

The Chairman, Senate Committee on Customs, Excise and Tariffs, Senator Hope Uzodinma has disclosed on Monday that Nigeria annually loses N7 trillion to smugglers at a one-day public hearing on smuggling and its effect on the on country in Abuja.
Senator Uzodinma said that a World Bank Report showed that over $15 billion or N4.35 trillion worth of goods are smuggled into the country each year through the sea ports while the story is the same at the international Airports.
According to him, “More shocking is an as­pect of the World Bank Report that states that over 25% of the total annu­al revenue collected by the Customs Service is lost to smugglers each year.
“If you go by the projected reve­nue of the service for this year which is approximately N600 billion, it means that the service will lose about N200 billion in revenue alone.”
“You must then agree with me that smuggling is a serious menace to the economy and that all hands must be on deck to end it. As you know, when goods are illegally brought into the country through smuggling, it is not just revenue that is lost, local in­dustries are affected adversely and jobs are lost.”
Speaking further, Uzodinma, who said the investigation was designed by the 8th Senate to curb smuggling, said “When our markets are flooded with all manner of smuggled goods from our borders, many local indus­tries that manufacture such goods are forced to close down.”
While noting that smuggling was fast proving to be the biggest industry in Nigeria, he disclosed that “primary information at our disposal will suggest that in spite of the Comprehensive Import Supervision Scheme (CISS), leakages still abound in the import and export chain.”

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