Business
FG Loses N8bn Monthly At Idiroko Border
The Federal Government may be suffering a major revenue leakage as it loses close to N8 billion monthly to smugglers at the land border of Idiroko in Ogun State.
The Tide investigation revealed that the revenue leakage became obvious owing to smugglers who took undue advantage of the ECOWAS Trade Liberalisation Scheme, which was adopted to facilitate trade within West African sub-region.
Impeccable sources further hinted The Tide that the ECOWAS Scheme opened up opportunities for smugglers to bring in all sorts of dutiable goods under the guise of goods exempted under the scheme, thereby denying the government huge sums of money put at about N8 billion.
Other factors that militated against decreased revenue generation, our sources said, include bringing outright contraband goods, false declaration of imports, concealment of contraband goods, non CRI goods and wrong tariff classification resulting into serious under payments.
Also found to have hindered revenue increase include, use of temporary importation to bring in dutiable goods, use of exception certificate to clear dutiable goods, cargo transfer on bond to private bonded warehouses, cargo diversion and recycling of CRIs and single goods declaration forms to clear goods.
The rest are, use of fake or false documents to clear goods, uncustoms cargo transfer and collusion with the security agents at the borders.
Lamenting the effect of smuggling on the national economy, the President of the National Association of Non Metallic Products Employers Federation (CANMPEF), Mr Devakumar Edwin said the increasing wave of smuggling into the country now ranked number one among the challenges facing the country’s local industries, stressing that “If the trend was not checked in the it may ground the operation of many local industries that have been trying to survive the harsh economic situation.”
CANMPEF also called on the Federal Government to shut the nation’s border with Benin Republic at Seme and Idiroko where the trend has become worrisome as a way of sending a strong message to leaders in the neigbhouring countries that Nigeria would not tolerate the use of any countries as an outpost to sabotage its economy.
Other stakeholders who spoke with our correspondent posited that smuggling across Idiroko border had caused dumping of all sorts of goods that are not even needed, thereby preventing local industries from being functional and viable as prices of smuggled goods are cheaper and more competitive.
L-R: Head of Banking, CBN Enugu, Mr Osagie Agbonabori, Controller, CBN Enugu, Mr Patrick Okonkwo and representative of Zenith Bank Plc, Mr Emeka Madu, receiving award of the Most Efficient Bank, during Enugu Bankers’ Committee Award Night in Enugu, recently.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.
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