The Nigeria Customs Service has announced that it granted concessions totaling N1.6 trillion to various sectors of the economy in 2024, aiming to stimulate economic growth. This information was disclosed by the Comptroller General of Customs, Bashir Adeniyi, during a press conference held in Abuja on Tuesday.
Adeniyi explained that the concessions include import duty waivers, relief from import value-added tax, and other grants designed to foster economic development. He also pointed out that the N1.6 trillion in concessions represents a significant decrease from the N3.9 trillion granted in 2023.
He emphasized that these concessions, amounting to N1,682,302,648,880.67, were achieved despite their substantial value. The breakdown includes 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. Adeniyi noted that these strategic concessions were intended to support industrial development and improve the overall business environment in alignment with government policy objectives.
Furthermore, he highlighted that the reduction in concession value from N3,959,868,268,993.18 in 2023 to the current figure is a result of enhanced monitoring mechanisms and strategic reforms. These measures aim to close loopholes and prevent abuses in the concession granting process, ensuring that only legitimate and qualifying enterprises benefit from these incentives.
Earlier reports from Media Talk Africa indicated that revenue generation surged by 90.4 percent, reaching N6.1 trillion in 2024, compared to N3.6 trillion in 2023. According to Adeniyi, these achievements were made possible through continuous alignment with the policy objectives of President Bola Ahmed Tinubu, under the guidance of the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
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