The Nigeria Customs Service (NCS) has revealed that the federal government’s decision to suspend import duties on food commodities will result in a revenue loss of N188.37 billion. Comptroller-General Bashir Adeniyi made this statement at the second economic confidential lecture and book presentation in Abuja, emphasizing the government’s commitment to prioritizing food security over short-term revenue goals.
The suspension, announced on July 10, aims to reduce inflation by allowing duty-free importation of food staples like maize, husked brown rice, wheat, and cowpeas for 150 days. Adeniyi noted that this decision represents a significant sacrifice in potential revenue, estimating a six-month tariff suspension could result in a revenue forfeiture of approximately N188.37 billion.
He also highlighted the importance of adapting to the new policy, ensuring efficient implementation, and preventing abuse through enhanced inspection and verification processes. Additionally, Adeniyi mentioned the compressed natural gas (CNG) initiative’s potential to reduce food transportation costs by 60%, indirectly benefiting food security.
The NCS will ensure seamless clearance of listed foods, create special corridors for expedited clearance, build personnel capacity, and strengthen anti-smuggling measures to prevent unlisted food items from entering the market.
