The Nigeria Customs Service (NCS) has projected a potential revenue loss of up to N188 billion due to the six-month duty-free importation of food items. This announcement was made by the Comptroller-General of the NCS, Adewale Adeniyi, during his keynote address at the second Economic Confidential Lecture and Book Presentation in Abuja on Tuesday.
Adeniyi explained that the suspension of tariffs, expected to result in a revenue shortfall of approximately N188.37 billion, underscores the government’s commitment to prioritizing food security over immediate revenue considerations.
Adewale Adeniyi, Comptroller-General of the Nigeria Customs Service (NCS), highlighted that the six-month suspension of tariffs and import duties on essential food items represents a substantial sacrifice in terms of potential revenue.
He noted that from 2020 to 2023, imports of these food items totaled over N3.8 trillion, generating more than N191 billion in customs duties and over N562 billion in various government levies.
Adeniyi assured that the NCS is committed to facilitating the smooth clearance of these food items. The service plans to establish special corridors to expedite processing, enhance the capacity of its personnel, and strengthen anti-smuggling efforts to prevent the entry of unauthorized goods.
