The Nigeria Customs Services (NCS) has said the recent policy statement on removal of import duties on staple foods by Bola Tinubu will cost the Federal government up to N188.37 billion in revenue for the six months of implementation of the directive.
Recall that Tinubu in July announced suspension of import duties on essential food items as part of the strategies to cut high food processes and stem the nationwide hunger in Nigeria.
Bashir Adeniyi, comptroller-general (CG) of NCS, made this disclosure on Tuesday at the second economic confidential lecture and book presentation in Abuja.
The event was themed ‘Leveraging on Effective Communication for Revenue Generation and Economic Development’.
Speaking at the event, Adeniyi said the six-month tariff suspension could result in a revenue forfeiture of approximately N188.37 billion.
This, according to him represents the government’s commitment to prioritising food security over short-term revenue goals.
Adeniyi stated, “The removal of tariffs and import duties on key staples for the next six months represented a considerable sacrifice in terms of potential revenue.
“Based on recent trends, we estimate that the six-month tariff suspension could result in a revenue forfeiture of approximately N188.37 billion,” he added.
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