Published On: Thu, Dec 10th, 2015

Rice revenues leap after restrictions removed

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RiceABUJA, (CAJ News) – THE removal of restrictions placed on importation of rice through the land borders has resulted in an increase in revenues from the product.

Two months ago, Nigeria Revenue  Service had approved the removal of the restriction placed on importation of rice through the land borders.

The removal was predicated on the large scale rice smuggling through the land borders, resulting to huge revenue loss and distortions in the price of the item in the local markets.

According to figures obtained from the Nigeria Customs Service, the agency has recorded a total revenue of N1,17 billion on rice imports through the land borders in October and November.

During the same period, the total quantity of rice imported through the land borders stood at 17,596 tonnes.

“The huge collection in just two months has vindicated our position. If we had stuck to our previous directive, this much quantum of rice would still have been smuggled anyway, and we would have lost over a billion Naira revenue as this critical period of our economic downtown,” Hameed Ali, the Comptroller-General, disclosed.

The breakdown of the rice imports shows that Idiroko border in Ogun Command has the largest volume of 8,27 tonnes, with a collection of N555 million.

Katsina borders come next in quantity of 3,636 tonnes imported, where total revenue of N242,98 million was collected during the same period.

A total of 2, 15 tonnes was imported through the land borders of Oyo/Osun command, generating a total revenue of N144,278 million.

– CAJ News

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