The Nigerian Customs Service has announced that the federal government is projected to forfeit approximately N187 billion as a result of a six-month suspension on import duties for staple food items. This disclosure was made by Customs Comptroller General Bashir Adewale Adeniyi during the 2nd Economic Confidential lecture and book presentation in Abuja, titled “Impactful Public Relations in Customs Management.”...For More READ THE FULL STORY▶▶
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Adeniyi explained that the duty suspension on essential food staples like beans, maize, rice, and wheat is part of the government’s strategy to lower food prices. However, this policy will lead to considerable revenue losses for the federal government. Between 2020 and 2023, these food imports contributed around N3.81 trillion in revenue, including N189 billion in customs duties and over N500 billion from other government levies.
Specifically, wheat generated N3 trillion, maize N340 billion, rice N195 billion, and beans N146 billion. Consequently, the estimated revenue loss from the duty suspension for these food items over six months is about N187 billion, Adeniyi stated.
He also mentioned that the Customs Service is awaiting further instructions from the Ministry of Finance and will implement the policy effectively by setting up special clearance corridors for food imports.
Vice President Kashim Shettima, represented by Dr. Tope Fasua, Special Adviser to the President on Economic Matters, expressed hope that the government’s food reforms will soon have a positive impact on the economy.
In a related development, Comptroller General Adewale Adeniyi formally transferred his vice chairmanship of the World Customs Organisation’s North and Central African region to Ahmadou Kounate of Mali. Adeniyi highlighted the importance of technology in advancing customs practices, while Kounate committed to enhancing transparency, executing strategic action plans, and improving manpower development to facilitate trade..…For More READ THE FULL STORY▶▶
