The Nigerian Customs Service has revealed that the federal government is set to forfeit a total of N187 billion because of the recent federal government’s directive to suspend import duties on staple food items for the next six months.
Comptroller General of Customs Bashir Adeniyi made the revelation in Abuja yesterday at the 2nd Economic Confidential Lecture and Book Presentation in his Honour titled “Impactful Public Relations in Customs Management.”
He said, “The suspension of Customs duties and levies on food staples such as beans, maize, rice and wheat are one of the policies of government to drive down the process of food items. However, the implication it will have is revenue forfeitures for the federal government.
“For instance, from 2020-2023, the revenue generation from these staple food items was a staggering N3.81 trillion. These imports generated about N189bn billion in terms of customs duties and over N500bn in several levies by the government.
“Wheat alone generated N3 trillion while maize generated 340bn, rice generated 195bn and beans N146bn. Therefore, the revenue forfeiture estimated from the suspension of import duties for these stable food items for six months is estimated to be about 187bn”
