Federal Government Concedes N1.02tr Import Duty Waiver, Grants In 3 Years

The Federal Government of Nigeria says it has conceded about N1.024 trillion import duty waivers, concessions and grants to drive economic growth in the country in the past three years.

The Minister of Finance, Budget and Planning, Zainab Ahmed, made this known at a one-day sensitisation on Digitisation Of Import Duty Exemptions Certificate (IDEC) on monday in Kano.

The Minister, represented by Shehu Na-Allah Kura, the Kano state commissioner of finance said the waivers were granted to businesses and corporate organisations between 2011 and 2015.

Ahmed said for the records, between 2011 and 2015; government conceded about 1.024 trillion through the grant of only four types of incentives, namely:

She added that the government also granted approximately N341.94 billion waivers between August 2017 And August 2019.

She said the basis for providing these incentives was to stimulate economic growth and overall development.