The Nigeria Customs Services has said that the recent policy statement on removal of import duties on staple foods by President Bola Tinubu will cost the government up to N188.37 billion in revenue for the stipulated period.
President Tinubu had in July this year announced the suspension of import duties on essential food items as part of moves to cut high food prices and end the nationwide hunger.
Controller General of Customs, Adewale Adeniyi, who stated the cost implication of the policy, also said his Service was now waiting for implementation guideline to be issued by the Federal Ministry of Finance.
Adeniyi spoke at the 2nd Economic Confidential Lecture and Book Presentation in honour of the CGC titled, “Impactful Public Relations in Customs Management”.
The customs boss said the government generated N3.819 trillion as revenue from the affected items between 2020 and 2023, noting that the service is committed to implementing the President’s directive.
He promised to deploy specially trained officers of the NCS to carry out the implementation of the policy for effective delivery in line with the agenda of the President.