Nigeria: Govt Loses U.S. $5.4 Billion On Crude Oil Export Levy

Abuja — The ongoing probe into activities of the Nigeria Customs Service (NCS) by federal lawmakers revealed on Wednesday that Nigeria has been losing over $5.4 billion yearly from non-payment of crude oil export levy to the NCS by oil producers in the country.

The 0.15 per cent levy, otherwise known as Nigeria Export Supplementary (NES) levy, according to Section 57 of the Nigeria Customs Act, is a mandatory levy to be remitted by oil producers to the Customs at all crude oil loading terminals.

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