The Federal Government’s recent decision to remove tariffs on staple food imports is expected to result in a significant loss of N188.37 billion in customs duties over the next six months, as the nation grapples with a growing food crisis.
The Comptroller-General of the Nigeria Customs Service, Adewale Adeniyi, disclosed this on Tuesday during the presentation of a document focused on facilitating food trade through an efficient customs process.
In his address, Adeniyi acknowledged the substantial financial impact that this policy would have on customs revenue. However, he emphasized the Nigeria Customs Service’s commitment to implementing the initiative effectively.
“Despite the anticipated loss in revenue, we are resolute in our efforts to ensure the success of this initiative,” Adeniyi stated.
“Our strategies include the opening of special corridors designed to expedite the clearance of the listed items and the implementation of real-time monitoring systems to oversee the process.”
The removal of tariffs on staple foods comes as part of the Federal Government’s broader strategy to alleviate the country’s food crisis. Rising inflation and disruptions in food supply chains have significantly affected the availability and affordability of essential food items, prompting the government to take drastic measures to stabilize the market.
The Customs Service’s new approach is expected to facilitate faster and more efficient import processes, ensuring that food supplies reach the market without unnecessary delays. This initiative, while costly in terms of customs revenue, is seen as a necessary step to address the urgent food needs of the population.
As Nigeria continues to navigate its economic challenges, the government’s focus remains on ensuring food security and accessibility for all citizens.
The success of this initiative will be closely watched, as it could set a precedent for future policies aimed at mitigating the impact of similar crises in the future.