How FG will forfeit N187 billion from waiving duty on food items

• The Nigerian Customs Service has said the federal government will lose about N187 billion from import waivers on food items
• The development comes as Nigeria begins implementing a 150-day import duty-free window on selected food items
• The move is the policy of the Nigerian government to crash food prices and tame inflation.

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The Nigerian government has begun implementing the 150-day duty-free imported window directed by President Bola Tinubu.

The move will allow Nigerians to import essential food items into the country to tame the rising food inflation.

Nigeria to lose N186 billion from waiving duty on essential food items for six months Credit: Bloomberg/Contributor
Source: Getty Images

Nigeria to lose over N180 billion on import duty

According to the Nigerian Customs Service, the Nigerian government will forfeit about N187 billion on import duty during the policy period.

The Comptroller General of Customer, Adewale Adeniyi, disclosed this on Tuesday, August 13, 2024, in Abuja at the second Economic Confidential Lecture.

Daily Trust reported that Adeniyi disclosed that wheat alone generated about N3 trillion, while maize accounted for N340 billion, rice N185 billion, and beans N146 billion.

He disclosed that the Customs Service will wait for the Ministry of Finance guidelines and ensure adequate implementation by enrolling special corridors to clear food items.

Food reform to reduce inflation

Vice President Kashim Shettima said the food reforms introduced by the government will positively impact the economy.

The development follows a directive by the Nigerian government to cut essential food prices by waiving customs duty.

The government gave importers a 150-day window to bring approved food items into the country via sea, land, and air.

CBN slashes Customs FX rate for cargo clearance

Legit.ng earlier reported that the Central Bank of Nigeria (CBN) had slashed the exchange rates for Cargo clearance following the naira's sustained gains against the dollar in the past seven days.

The Nigerian currency had maintained a momentous gain against the US greenback after a series of interventions by the apex bank.

On Wednesday, August 7, 2024, the apex bank sold Forex to 26 dealer banks via the Retail Dutch Auction System (rDAS).

Source: Legit.ng