According to report reaching oyogist.com, the federal government has reportedly said that it granted N341.94billion naira worth of import duty waiver from August 2017 to August 2019.
This was made known by the Nigerian Minister for Finance, Budget and National Planning, Zainab Ahmed, while speaking at the sensitisation seminar on Automated Import Duty Exemption Certificate at the Nigeria Customs Training College, Kano state.
The minister who was represented by the Kano state Commissioner of Finance, Alhaji Shehu Na-Allah Kura, noted that the federal government conceded about N1.024 trillion four (4) incentive grants which includes import duty waivers, pioneer status non oil companies, VAT waivers and pioneer status PPT on oil companies.
While speaking on the federal government grants she said that “the scope of such requests are expanding hence the need to have in place modern technology to drive its administration.”
“Uptill 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 also noted that the creation of the IDEC by the federal government was part of the incentive which was formulated to stimulate economic growth in the country.