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Senate Bans Importation Of Items Manufactured In Nigeria

Published

1 year ago

Nov 23, 2023.

Eko Hot Blog reports that the Nigerian Senate has on Wednesday asked the Federal Government to ban importation of all materials manufactured in Nigeria and customs tariffs amended accordingly.

Similarly, the Senate also called on the Federal Government to ensure that all tax waivers not directly linked to non- overnmental/non-profit organisations should not be granted.

It recommended further that all tax waivers from 2015 to date should be investigated by the relevant committees of the Senate.

The apex legislative assembly passed these resolutions while considering the report of the Senate joint Committee on Finance, Appropriations, National Planning, Local and Foreign Debts on the 2024-2026 Medium Term Expenditure Frame Work (MTEF) and Fiscal Strategy Paper (FSP).

Senator Godswill Akpabio, Senate President

The Senate also ordered investigation into all tax waivers from 2015 till date and directed that all waivers not directly linked to non-governmental/ non-profit organizations should not be granted, adding that before waiver could be approved, certain conditions must be attached as some people had been benefitting from the waiver years unending.

Addressing newsmen on Tuesday evening, the Chairman of the Joint Senate Committees on Finance, Appropriations, National Planning and Foreign Debt, Senator Sani Musa, lamented that so much revenue had been lost to the waivers. He said: “We cannot continue to talk of waiver, while we kill our local manufacturers. What we have today are cartels who are not given back to Nigeria. We will take the bull by the horn.”

According to Senator Sanni, Customs told the Senate that the nation lost about N1.3 trillion to waiver, adding that it doesn’t make any economy sense, when waiver is granted and nothing is gained.

In the report of the Senate Joint Committees, President Bola Tinubu will borrow N7.8 trillion to fund the 2024 budget of N26 trillion that will be presented to the National Assembly soon. In the budget, N8.2 trillion is earmarked for debt services.

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