The Nigeria Customs Service has said it granted concessions totalling N1.6 trillion to several sectors of the economy in 2024 to spur economic growth.
Comptroller General of Customs Bashir Adeniyi disclosed this in his speech during a press conference in Abuja on Tuesday.
According to him, the concessions include import duty waivers, import value-added tax relief, and other grants to stimulate economic growth.
Meanwhile, he noted that N1.6 trillion is a significant decline from N3.9 trillion in 2023.
“It is pertinent to note that these collections were achieved despite significant concessions granted to support various sectors of the economy, totalling N1,682,302,648,880.67. These concessions comprised N723,000,081,776.68 in import duty waivers, N372,649,650,951.72 in other levy concessions, and N586,652,916,152.27 in import VAT relief.
“These strategic concessions were granted to stimulate economic growth, support industrial development, and enhance the overall business environment in line with government policy objectives. Notably, the 2024 concession value represents a significant reduction from the N3,959,868,268,993.18 recorded in 2023.
“This reduction is a direct result of our enhanced monitoring mechanisms and strategic reforms aimed at blocking loopholes and eliminating abuses in the concession granting process, ensuring that only genuine and qualifying enterprises benefit from these incentives,” he stated.
Earlier, Media Talk Africa reported that revenue generation surged by 90.4 per cent to hit N6.1 trillion in 2024, up from N3.6 trillion recorded in 2023.
According to Adeniyi, these feats were made possible through continuous alignment with the policy objectives of President Bola Ahmed Tinubu, under the astute guidance of the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
