BREAKING: Customs to Forfeit ₦188.4bn Revenue Amidst Food Import Tariff Waiver

The Nigeria Customs Service (NCS) is set to forfeit approximately ₦188.37 billion in revenue over the next six months as part of the implementation of President Bola Tinubu’s tariff-free food imports initiative. This measure aims to bolster food security in the country by easing the importation process for essential food items.

The Comptroller-General of the NCS, Mr. Wale Adeniyi, revealed this development during a Public Lecture and Book Presentation organized by Economic Confidential in Abuja. He emphasized the critical importance of food security, noting that it is intertwined with national security and requires a comprehensive and coordinated approach from all stakeholders.

In his address, Mr. Adeniyi outlined the steps the NCS would take to facilitate the swift clearance of specific food imports, including rice, maize, and wheat, under this new policy. Special corridors will be established to ensure that these essential commodities are processed efficiently and without unnecessary delays.

The revenue forfeiture, while significant, is seen as a necessary sacrifice to ensure that the nation’s food supply remains stable and affordable for Nigerians. The policy is expected to alleviate the pressure on local food production and reduce the overall cost of living for citizens, particularly in the face of ongoing economic challenges.

Further details on the implementation of this policy and its impact on the economy are expected to be released in the coming days.