FG to Lose N188.37bn From 6-month Suspension of Import Tariff on Key Staples – Customs
The Nigeria Customs Service (NCS) has revealed that the country is projected to lose N188.37 billion in import duties following the Federal Government’s directive to remove tariffs and other duties on essential food staples.
This was disclosed by the Comptroller-General of NCS, Adewale Adeniyi, during his keynote address at the second Economic Confidential Lecture and Book Presentation in Abuja on Tuesday.
In a bid to combat rising food inflation, the Minister of Agriculture and Food Security, Abubakar Kyari, announced on July 8 the suspension of duties, tariffs, and taxes on specific food staples imported through land and sea borders.
The items affected by this measure include maize, husked brown rice, wheat, and cowpeas. This suspension introduces a 150-day duty-free import window for these commodities, to be implemented over 180 days.
Adeniyi highlighted that this six-month suspension of tariffs could lead to a revenue forfeiture of approximately N188.37 billion, demonstrating the government’s prioritization of food security over immediate revenue generation.
He also noted that the removal of tariffs and import duties on these staples represents a significant sacrifice in potential revenue.
The NCS estimates that the total import of these food items between 2020 and 2023 exceeded N3.8 trillion, generating over N191 billion in customs duties and more than N562 billion in various levies paid to the government.
Adeniyi assured that the NCS would facilitate the seamless clearance of the listed food items, create special corridors to expedite the process, enhance personnel training, and strengthen anti-smuggling measures to prevent the influx of unlisted goods.
Vice-President Kashim Shettima, speaking on the theme of the lecture, “Leveraging Effective Communication for Revenue Generation and Economic Development,” emphasized the administration’s commitment to reforming Nigeria’s economy.
His speech, delivered by Dr. Tope Fasua, Special Adviser to the President on Economic Affairs, highlighted achievements such as growing foreign reserves to over $37 billion, achieving a stable transmission of 4,500 megawatts of electricity, and providing conditional cash transfers to more than one million families.
Alhaji Yushau Shuaib, Managing Director of Image Merchants Limited (IMPR), praised the Comptroller-General for his efforts in repositioning the NCS and aligning with the government’s economic reforms.
Shuaib also announced the release of a book titled “Impactful Public Relations in Customs Management,” inspired by the strategic communication efforts of the NCS.
Awards of excellence were presented by IMPR to the Comptroller-General of Customs, Alhaji Aliko Dangote, Governor Muhammed Yahaya of Gombe, Governor Babajide Sanwo-Olu of Lagos, and the Minister of the Federal Capital Territory, Nyesom Wike.
