The Comptroller-General of the Nigeria Customs Service (NCS); Alhaji Abdullahi Dikko, has hinted that the current unfavourable policy on rice importation has so far caused the Federal Government a revenue loss of about N105Billion.
He disclosed this on Monday in Abuja, when he appeared before the Senate Joint Committees on Finance and Appropriation monitoring the implementation of the 2013 budget.
The N105Billion was part of a larger loss in revenue of about N603bn, all due to unfavourable government policies.
He said that the Customs lost N105 billion revenue from import duty as a result of the Federal Government's ban on rice importation.
``If not for the government policies on waivers, import duty exemption, some imported goods and free trade zones that are being abused by traders, the Nigeria Customs Service would have collected about N600 billion more than the N530 billion it remitted as at the end of September this year.
Throwing more light on the losses, he disclosed that:”Under waivers and import duty exemption on NDDC’s imported equipment alone, the customs service lost N86 billion”.
``About N264 billion was lost to waivers on petroleum products, N76 billion was lost to manufacturers and assemblers, among others," he said.
He said that the losses were incurred following waivers on petroleum products, revenue lost to manufacturers and assemblers, revenue concessioned to the Niger Delta Development Commission, import substitution and industrialisation.
He explained that the sharp decline in the revenue collected by the agency during the year was caused by government policies which granted waivers and concessions on some imported and excisable goods.
He said that out of estimated revenue of N718 billion for the months of January to August, only N530 billion was collected by the agency, reflecting a shortfall of about N188 billion within the period.http://shippingposition.com.ng/article/fg-lost-n105billion-ban-rice-importation-customs
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