Customs announce the suspension of import duties and taxes on essential food items. Read about the benefits and expected outcomes.
To enhance affordability for Nigerians, essential food items have been subjected to a suspension of import duties and taxes by the Nigeria Customs Service (NCS).
In a video uploaded on X, the Customs Comptroller General, Bashir Adewale Adeniyi revealed this announcement.
According to Adeniyi, the suspension is a measure taken by the federal government in response to global inflation affecting Nigeria.
Nigeria, like many other nations worldwide, is feeling the effects of global inflation. In an effort to combat this issue, the federal government has chosen to suspend import duties and taxes on crucial food items through Nigeria Customs Service – ultimately aiming for affordability in these essential products.
Adeniyi asserted our determination to execute this measure smoothly in tackling the issue of hunger pervading our motherland. Our export processes have undergone optimization to guarantee swift delivery of Nigerian commodities globally, he added.
Disruptions in the supply chain were cautioned by the Customs chief to potentially impact foreign investments, distort trades, facilitate instability and scarcity while impeding revenue collection.
In spite of the obstacles faced, the NCS declared that it had achieved its revenue goal for H1 2024. A collection of ₦2.74 trillion was realized, surpassing the target by 8%, and representing a remarkable surge in revenue of up to 127% from last year’s figure. The announcement came via Abdullahi Maiwada, who serves as National Public Relations Officer for NCS; he made this disclosure on Monday through an official statement.
According to Maiwada, a Chief Superintendent in Customs, the second quarter saw collections of ₦1.395 trillion which exceeded the quarterly goal by 10% and marked an astonishing jump of 131% from Q2 in 2023. These actions have greatly enriched transparency, adherence to rules and regulations as well as efficacy throughout customs procedures.
In the first six months of 2024, the NCS ramped up its efforts to combat smuggling and saw significant results. Between January and June 2024, they made a total of 2,442 seizures worth ₦25.5 billion in Duty Paid Value (DPV) – an impressive increase of 203% compared to the same time frame in the previous year. Additionally, during Q2 alone they achieved a DPV seizure value totaling roughly ₦17.6 billion through their successful capture of approximately 1,334 smuggled items – marking a whopping jump upwards by as much as +121% from Q1’s figures earlier that year.”
Currently holding 32 suspects, the seized items of highest priority consist of wildlife products, automobiles, weapons and ammunition equipment, imports of foreign rice and pharmaceuticals along with narcotics.
In regards to facilitating trade, the NCS handled 620,467 Single Goods Declarations (SGDs) during H1 of 2024 which indicates a drop of around 39% in comparison to the corresponding duration last year.
