Senate Directs CBN to Recover Illegal N30 billion Import Waivers

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The Senate has directed the Central Bank of Nigeria, CBN, to ensure urgent recovery of the N30 billion waivers illegally granted to some importers. Bukola Saraki, senate president, gave the directive on Wednesday while receiving Godwin Emefiele, CBN governor, and other members of the management team of the apex bank who came to brief the Senate on the state of the economy and measures the bank is adopting to ensure financial stability in the country.

Saraki also expressed his support and that of the Senate for the decision of the CBN to exclude importers of some items, particularly agricultural products, from the foreign exchange market. He said these became necessary in order to block all avenues through which the nation loses revenue while the government’s banker also needs to champion the diversification of the economy in line with the agenda of President Muhammadu Buhari’s administration.

While he said the Senate intend to get the Customs to come and brief them when the House resumes, the senate president directed the CBN governor and his team to collaborate with the Customs to ensure that waivers and taxes on import duties especially on rice close to N30 billion that was given to some companies goes back to government coffers to signify that the apex bank is serious in making its policies successful.

The senate president also noted that the policies of the CBN towards resuscitating the economy, which Emefiele presented to the Senate, can only succeed if smuggling is eradicated especially by moving against the big smugglers that are well known. He added that the CBN must put measures in place to ensure fiscal discipline by identifying the agencies of government that in the past have been used to not sending their revenues straight to the consolidated revenue. He urged the bank to play a key role in ensuring that the agencies remit the money and assured that the Senate would provide the CBN with the needed support in terms of legislation and other requirements to enable it succeed in its plans.