Featured
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.
ALSO READ : Kano police chief urges newly promoted officers to step up crime fight
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.
-
Latest6 days agoLagos NURTW organising secretary Toba Ajiboye dies after gunmen attack
-
Business1 week agoNCC chief highlights trust as key to Nigeria’s digital transformation
-
Aviation7 days agoNCAA, NAMA disagree over proposed revenue sharing formula
-
Business6 days agoNCC unveils cost-sharing framework to boost broadband rollout, end repeated road excavations
-
Maritime7 days agoLicensed port agents back FG’s Green Tax on imported vehicles
-
Business3 days agoCBN targets $12bn annual Diaspora inflows to boost FX liquidity
-
Politics6 days agoAjeromi: NDC vows even distribution of prosperity amongst Nigerians
-
Latest6 days agoAPC unveils Lagos Assembly candidates, leaves out 12 incumbent lawmakers