Customs To Forfeit N188.37b In Revenue Despite No Suspension On Import Duties On Food Items

The Nigeria Customs Service (NCS) says it is expected to forfeit an estimated N188.37 billion in revenue over the next six months due to the federal government’s new tariff-free food imports policy.

This policy, initiated by  Tinubu, is said to mitigate the impact of the ongoing economic challenges and ensure food security across the country.

The Comptroller-General of the NCS, Mr Wale Adeniyi, made this disclosure during a Public Lecture and Book Presentation organised by Economic Confidential in Abuja.

Adeniyi emphasised that food security is a critical component of national security, necessitating a coordinated effort among all stakeholders to address the issue effectively.

As part of the government’s strategy to implement the tariff-free policy, Adeniyi announced that special corridors would be established to facilitate the swift clearance of essential food items, including rice, maise, and wheat.

This measure is intended to ensure these commodities reach the populace immediately.

This initiative is part of the federal government’s response to the economic hardship.

By suspending import duties and taxes on essential food items, the government aims to make these commodities more affordable and accessible to the general public.

The Comptroller-General had earlier addressed concerns regarding Nigerians’ current economic difficulties, which had led to widespread protests.

These protests reflect the public’s frustration with the economic policies of the Tinubu administration.

However, despite the earlier announcement, the Importers Association of Nigeria (IMAN) accused Nigerian Customs of continuing to collect import duties on food items despite President Bola Tinubu’s directive to suspend such tariffs.

The Chairman of IMAN’s Northern region, Aminu Dan-Iya, noted that Customs officials informed them that they had not received official communication about the suspension and that its members are still paying import duties.

Read More:

• Mali Recruits 4,500 New Soldiers To Bolster National Security
• Ghana To Introduce VAR In Premier League, GFA President Says

About The Author

Oluwasegun Sanusi

author

See author's posts