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Zero-import duty: Customs to lose N188 billion revenue
The Nigeria Customs Service, NCS, has disclosed that the revenue loss over the six-month approved duties free importation of food items could reach N188 billion.
This was announced by the Comptroller-General of The Nigeria Customs Service, Adewale Adeniyi, during his keynote address at the second Economic Confidential Lecture and Book Presentation in Abuja.
Recall that the Federal Government had in July announced a six-month suspension of import duties on staple food items, drugs, and other essential items as a measure to curb rising inflation in the country.
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Speaking about the situation , Adeniyi highlighted that the six-month suspension of tariffs is expected to lead to a revenue loss of about N188.37 billion, noting the government’s commitment to prioritizing food security over short-term revenue.
He further added that the removal of tariffs and import duties on these key staples over the next six months represents a significant sacrifice in terms of Customs potential revenue.
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