Nigeria Customs Service (NCS) has announced that it will forfeit N188.37 billion in import duties following the Federal Government’s directive to remove tariffs and other import duties on key food imports.
The Comptroller-General of NCS, Adewale Adeniyi, made this disclosure in a keynote address at the second Economic Confidential Lecture and Book Presentation in Abuja.
To alleviate food inflation in Nigeria, the Minister of Agriculture and Food Security, Abubakar Kyari, announced on July 8 the suspension of duties, tariffs, and taxes on certain food staples imported through land and sea borders.
These staples include maize, husked brown rice, wheat, and cowpeas. The measure introduces a 150-day duty-free import window for these food commodities, to be implemented over a period of 180 days.
According to Adeniyi, the six-month tariff suspension could result in a revenue forfeiture of approximately N188.37 billion, which represents the government’s commitment to prioritising food security over short-term revenue goals.
He noted that the removal of tariffs and import duties on key staples for the next six months represented a considerable sacrifice in terms of potential revenue.
The NCS estimates that the total import of these food items between 2020 and 2023 was more than N3.8 trlillion generating more than N191 billion in custom duties, and more than N562 billion in various levies paid to the government.
Adeniyi assured that the NCS would ensure seamless clearance of the listed foods, create special corridors to expedite their clearance, build the capacity of its personnel, and shore up its anti-smuggling measures to prevent the influx of unlisted food items.
Vice-President Kashim Shettima, speaking on the theme of the lecture, `Leveraging on Effective Communication for Revenue Generation and Economic Development` said the President Bola Tinubu’s administration was implementing hard reforms aimed at salvaging Nigeria’s economy