The Nigeria Customs Service (NCS) is expected to forfeit an estimated N188.37 billion in revenue over the next six months due to the implementation of President Bola Tinubu’s tariff-free food imports policy.
The Comptroller-General of the NCS, Mr. Wale Adeniyi, made this disclosure at an ongoing Public Lecture and Book Presentation of Economic Confedential in Abuja.
According to Adeniyi, food security is a national security issue that requires a well-coordinated approach from all stakeholders. To facilitate the clearance of affected food items, including rice, maize, and wheat, special corridors will be created.
The NCS will forfeit the revenue for the six-month period during which the tariff-free food imports policy will be implemented. Details of the implementation are yet to be disclosed.
This move is part of the government’s efforts to address food security concerns in the country. The creation of special corridors for the clearance of affected food items is expected to streamline the process and ensure a steady supply of food to the population.
