Finally, FG suspends import duties, taxes on essential food items
Global inflation is impacting nations worldwide, including Nigeria. To address this, the federal government through the Nigeria Customs Service is suspending import duties and taxes on essential food items to make them more affordable
The Nigerian government has announced the suspension of import duties and taxes on essential food items.
This announcement was made via a video posted on X, by the Customs Comptroller General, Bashir Adewale Adeniyi saying the suspension is to make food items affordable for Nigerians.
The Customs boss also acknowledged that the global inflation is affecting nations including Nigeria, saying the NCS is committed to implementing the Federal Government’s directive on the suspension of tariffs on essential items.
“Global inflation is impacting nations worldwide, including Nigeria. To address this, the federal government through the Nigeria Customs Service is suspending import duties and taxes on essential food items to make them more affordable.
“We’re committed to implementing this measure seamlessly to address the problem of hunger in our nation. We have streamlined export processes to ensure Nigerian goods reach international markets efficiently.”
The Customs chief warned that disruptions in the supply chain will affect foreign investments, distort trades, promote instability, increase scarcity and hinder revenue collection.
Meanwhile, the Customs Service said it surpassed its revenue target for the first half of 2024.
Although the service had a revenue target of ₦2.54tn, it raked in ₦2.74tn, surpassing the target by 8 per cent, and marking a 127 per cent increase over the previous year’s revenue.
NCS National Public Relations Officer, Abdullahi Maiwada, disclosed this in a statement on Monday while giving the mid-year performance report of the NCS.
Maiwada, a Chief Superintendent of Customs, said ₦1.395tn was collected for the second quarter, exceeding the quarterly target by 10 per cent and representing a 131 per cent increase over Q2 2023.
These measures it said have significantly enhanced transparency, compliance, and efficiency in customs processes.
He said the service intensified its anti-smuggling operations in the first half of 2024, resulting in notable achievements.
From January to June 2024, the NCS made 2,442 seizures with a Duty Paid Value (DPV) of ₦25.5bn, which is 203 per cent higher than the DPV of seizures in the first half of 2023. In the second quarter of 2024, the NCS said it made 1,334 seizures with a DPV of about ₦17.6bn, representing a 121 per cent increase over the first quarter of 2024. The top items seized include wildlife items, vehicles, arms and ammunition, foreign rice, pharmaceuticals, and narcotics, with 32 suspects in custody.
On trade facilitation, the NCS said in the first half of 2024, it processed 620,467 Single Goods Declarations (SGDs), reflecting a reduction of approximately 39 per cent compared to the same period in 2023.
