The Nigeria Customs Service (NCS) has announced that the country is expected to lose N188.37 billion in import duties due to the Federal Government’s decision to eliminate tariffs and other duties on essential food staples.
This information was disclosed by the Comptroller-General of the NCS, Adewale Adeniyi, during his keynote address at the second Economic Confidential Lecture and Book Presentation in Abuja on Tuesday.
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 certain food staples imported via land and sea borders.
The affected items include maize, husked brown rice, wheat, and cowpeas. This suspension allows a 150-day duty-free import window for these commodities, which will be implemented over 180 days.
Adeniyi noted that this six-month suspension of tariffs could lead to a revenue loss of approximately N188.37 billion, highlighting the government’s prioritization of food security over immediate revenue generation. He also pointed out that the removal of tariffs and import duties on these staples signifies a considerable 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 smooth 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), commended 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.
IMPR presented awards of excellence 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.
