FG LOSES N25.8BN ON IMPORT DUTY

The Federal Government has lost N25.8 billion to some companies operating in the agricultural, health, oil and gas, mines, steel and power sectors of the economy from import waivers between January and May, 2014, New Telegraph has learnt. Waiver is an incentive granted by government to importer, exporter, manufacturers or government agencies, among others. The beneficiaries are Chevron Nigeria Limited, Indorama Eleme Fertilizer and Chemicals Limited, United Cement Company of Nigeria and NIPCO Plc.


Others are the Borno State government, Federal Capital Territory Administration/ Globe Motors, Médecins Sans Frontières (Doctors without borders). Statistics made available to our correspondent, revealed that the Nigeria Customs Service (NCS) lost over N600 billion to import and export waivers in the past. N276.9 billion was also lost to waivers between 2000 and 2008. In addition, export grants to individuals and firms cost government over N300 billion. A breakdown of the lost funds revealed that in the first quarter of 2001, N45 billion was waived; 2003 – N12.4 billion; 2004 – N55.8 billion; 2005 – N71.244 billion; 2006 – N54.921 billion, while it was N42.598 billion in 2007. In January and March, 2008 – N9.512 billion; 2011 – N55.96 billion; 2012 -N55.34 billion and 2013 – N59.42 billion.

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