Nigeria Customs Service (NCS) has disclosed that the federal government’s suspension of import duties on food commodities will result in a revenue loss of N188.37 billion.
Gatekeepers News reports that Comptroller-General Bashir Adeniyi made this statement at the second economic confidential lecture and book presentation in Abuja.
Adeniyi emphasised that the six-month tariff suspension, aimed at reducing inflation, represents a significant sacrifice in potential revenue. He estimated that the suspension could lead to a revenue forfeiture of approximately N188.37 billion, citing recent trends.
“The removal of tariffs and import duties on key staples for the next six months represented a considerable sacrifice in terms of potential revenue,” Adeniyi said. “Based on recent trends, we estimate that the six-month tariff suspension could result in a revenue forfeiture of approximately N188.37 billion.”
The comptroller-general also highlighted the benefits of the compressed natural gas (CNG) initiative, which could reduce food transportation costs by approximately 60%. However, he noted that despite government efforts to boost local food production, the rising food import bill poses significant challenges to achieving food security and stabilizing domestic prices.
Adeniyi assured that the NCS would ensure seamless clearance of the listed foods and create special corridors to expedite their clearance. He also emphasized the need to enhance inspection and verification processes to prevent abuse of the policy and build the capacity of personnel to prevent the influx of unlisted food items.
