Nigeria lost N65.23bn to waivers in 24 months – FG

Nigeria lost N65.23bn to waivers in 24 months – FG
• Shell, Bill Clinton’s NGO among major beneficiaries

The Federal Government has said that the country lost N65.23 billion to waivers within the last 24 months. The figure and the names of the organisations that benefitted from the waivers were released on Sunday, in Abuja by the Federal Ministry of Finance.
The waivers were given to the companies for the importation of machine, plants and equipment, spare-part accessories, power transformers and electrical materials among others.
The ministry in an attempt to defend the policy said on Sunday that the objective of waiver which was reviewed and strengthened in 2011 was to curb abuses and inefficiencies of the previous regime.
“The objective of the waiver policy, the implementation of which was reviewed and strengthened in late 2011 is to curb the abuses and inefficiencies of the previous regime. There is clear evidence that it is working to boost key sectors of the economy,” the Ministry stated.

A breakdown of the N65.23bn waiver granted between 2012 and 2013 showed that Shell Petroluem Development Company got a waiver of N16.295 billion while Niger Delta Power Holding Company got N15.122 billion.
Other beneficiaries are the Federal Ministry of Health, N4.9 billion; Rivers State Ministry of Power, N3.76 billion; Federal Ministry of Power N4.17 billion; Geometric Power Ltd N1.3 billion; and Netco Dietsmann Company Ltd which got N6.63 billion.
Similarly, Cocoa Association of Nigeria got N1.33 billion as waivers; Olam Nigeria Ltd. N1.13 billion; River State Government N2.08 billion; and Clinton Health Access Initiative, N1.19 billion; among others.