FG Grants N341.94bn Waivers in 3yrs
By Chibisi Ohakah
The federal government has said that it granted import duty waiver worth N341.94 billion from in the last year.
The minister of finance, Budget and National Planning, Mrs Zainab Ahmed, said between 2011 and 2015, the Federal government had conceded about N1.024tn through the grant of only four types of incentives including import duty waivers, VAT waivers, pioneer status non-oil companies and pioneer status PPT on oil companies.
Speaking at a one-day sensitisation seminar on the Automated Import Duty Exemption Certificate at the Nigeria Customs Training College, Kano, the minster, who was represented by the Kano state commissioner of finance, Alhaji Shehu Na-Allah Kura, that the scope of such requests are expanding hence the need to have in place modern technology to drive its administration.
“Up till March 2020, we processed the grant of the IDEC incentives annually. The process was quite cumbersome, tedious, time consumption and it was beset with undue human interface with its attendant challenges,” she said
According to her, the federal government created the new platform for administering and easing the process of acquiring import exemption certificate (IDEC) in the country as part of efforts to provide incentives to stimulate industrialisation and economic growth.
She said the decision to create the platform was in line with the federal government’s policy on ease of doing business in the country.