Federal Gov’t To Lose N188.37bn Revenue Over Tinubu’s Import Duties Removal On Food Items …C0NTINUE READING HERE >>>
The Nigeria Customs Services (NCS) has said that the recent policy statement on removal of import duties on staple foods by President Bola Tinubu will cost the government up to N188.37 billion in revenue for the six-month period of implementation of the presidential directive.
President Tinubu had in July this year announced suspension of import duties on essential food items as part of the strategies to cut high food prices and stem the nationwide hunger in Nigeria.
The President had said the government has decided to forfeit the expected revenue from the implementation of the items to guarantee food security and price control for Nigerians.
Controller General of Customs, Adewale Adeniyi, who disclosed the cost implication of the policy on Tuesday, also said his Service was now waiting for implementation guideline to be issued by the Federal Ministry of Finance which he said is being finetuned before release.
CGC Adeniyi spoke at the 2nd Economic Confidential Lecture and Book Presentation in honour of the CGC titled, “Impactful Public Relations in Customs Management”.
The customs boss said the government generated N3.819 trillion as revenue from the affected items between 2020 and 2023. “We are committed to implementation of the President’s directive,” the CGC remarked on Tuesday.
He promised to deploy specially trained officers of the NCS to carry out the implementation of the policy for effective delivery in line with the agenda of the President.
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