By Frederick Wright

There have been growing concerns about the failure of the necessary agencies at the port to commence the implementation of the presidential directive on ‘Inflation Reduction and Price Stability (Fiscal Policy Measures, etc.) order 2024’.

Already, the clearing agents at the seaports under the aegis of National Council of Managing Director of Licensed Customs Agents , are worried that no circular has been issued for the implementation of the reliefs, three months after.

The group, in a petition to President Bola Ahmed Tinubu which was signed by it President, NCMDLCA, Lucky Amiwero, said: “As a critical stakeholder who is involve in the clearance of Import-Export and Manufactured goods, we notice that three months and some days after the presidential directive no circular has been issued for the implementation of the reliefs,”

The petition which was also copied to the Secretary To The Government Of The Federation, Minister Of Finance, Central Bank of Nigeria, Nigeria Customs Service and the Federal Inland Revenue Service, and obtained by Slye News, revealed that the relief order was dates May 1, 2024, but since then, nothing significant has been done about the implementation, even as some areas of the order required proper clarifications.

For example, he said: “The suspension of import duty and other tariffs as contained in paragraph 2 are not properly described according to each respective tariff headings, to properly identify the items, it will create bottleneck in the clearance of the relief measures.

The items are: staple food items; raw materials and other direct inputs used for manufacturing; Inputs for agriculture production including fertilizers, seedlings, and chemicals; pharmaceutical products; poultry feeds, flours and grains.

“The authorized millers are to Import paddy rice at zero duty and value added tax for a period of six months, to improve local capacity utilization of rice millers as contained in paragraph 3, should be properly clarify  to the trading public, with the proper tariff heading,” he stated.

On the value added tax (VAT) suspension for the rest of the year, he said: “The VAT suspension in paragraph 4, should be properly classified according to the Tariff Heading:

(a)    Basic food items and semi-processed, staple food items such as noodles and pasta, if it has  been lifted from prohibition list

(b)    Raw materials inputs for the manufacturing of food items, electricity and public transportation, to properly classify and apply the correct Tariff Heading

(c)    Agricultural inputs and produce, clearly state the type of Agricultural inputs and produce according to Tariff Headings

(d)    Pharmaceutical products, if  it has been lifted from prohibition list and the proper Tariff Headings

On fixed exchange rate for import duty, he said: “The exchange rate import duty rebate eight hundred Naira (800.00) to one American dollar (US$1) as contained in Paragraph 5 should be implemented to stabilize the domestic market that has been dollarized and volatile “

Commenting on the fast-tracking clearance of agricultural equipment and food items, reduction from the port by 50%, Amiwero said: “As stated in Paragraph 16, the Nigeria Customs Service shall ensure fast-tracking the clearance of Agricultural equipment and food items, manufacturing inputs and pharmaceutical products at the Ports and aim at a minimum time reduction of at least fifty 50%.”

The group therefore requested for the implementation guideline as directed in paragraph 17 be issued to address the gaps, with regards to the presidential directive on the laps on date, which is almost four months without implementation, the proper tariff heading, the specific items on relief and the proper date of commencement in a circular to the trading public.

“This will allow for seamless and transparent implementation of the relief measures,” he stated.

By Frederick Wright

There have been growing concerns about the failure of the necessary agencies at the port to commence the implementation of the presidential directive on ‘Inflation Reduction and Price Stability (Fiscal Policy Measures, etc.) order 2024’.

Already, the clearing agents at the seaports under the aegis of National Council of Managing Director of Licensed Customs Agents , are worried that no circular has been issued for the implementation of the reliefs, three months after.

The group, in a petition to President Bola Ahmed Tinubu which was signed by it President, NCMDLCA, Lucky Amiwero, said: “As a critical stakeholder who is involve in the clearance of Import-Export and Manufactured goods, we notice that three months and some days after the presidential directive no circular has been issued for the implementation of the reliefs,”

The petition which was also copied to the Secretary To The Government Of The Federation, Minister Of Finance, Central Bank of Nigeria, Nigeria Customs Service and the Federal Inland Revenue Service, and obtained by Slye News, revealed that the relief order was dates May 1, 2024, but since then, nothing significant has been done about the implementation, even as some areas of the order required proper clarifications.

For example, he said: “The suspension of import duty and other tariffs as contained in paragraph 2 are not properly described according to each respective tariff headings, to properly identify the items, it will create bottleneck in the clearance of the relief measures.

The items are: staple food items; raw materials and other direct inputs used for manufacturing; Inputs for agriculture production including fertilizers, seedlings, and chemicals; pharmaceutical products; poultry feeds, flours and grains.

“The authorized millers are to Import paddy rice at zero duty and value added tax for a period of six months, to improve local capacity utilization of rice millers as contained in paragraph 3, should be properly clarify  to the trading public, with the proper tariff heading,” he stated.

On the value added tax (VAT) suspension for the rest of the year, he said: “The VAT suspension in paragraph 4, should be properly classified according to the Tariff Heading:

(a)    Basic food items and semi-processed, staple food items such as noodles and pasta, if it has  been lifted from prohibition list

(b)    Raw materials inputs for the manufacturing of food items, electricity and public transportation, to properly classify and apply the correct Tariff Heading

(c)    Agricultural inputs and produce, clearly state the type of Agricultural inputs and produce according to Tariff Headings

(d)    Pharmaceutical products, if  it has been lifted from prohibition list and the proper Tariff Headings

On fixed exchange rate for import duty, he said: “The exchange rate import duty rebate eight hundred Naira (800.00) to one American dollar (US$1) as contained in Paragraph 5 should be implemented to stabilize the domestic market that has been dollarized and volatile “

Commenting on the fast-tracking clearance of agricultural equipment and food items, reduction from the port by 50%, Amiwero said: “As stated in Paragraph 16, the Nigeria Customs Service shall ensure fast-tracking the clearance of Agricultural equipment and food items, manufacturing inputs and pharmaceutical products at the Ports and aim at a minimum time reduction of at least fifty 50%.”

The group therefore requested for the implementation guideline as directed in paragraph 17 be issued to address the gaps, with regards to the presidential directive on the laps on date, which is almost four months without implementation, the proper tariff heading, the specific items on relief and the proper date of commencement in a circular to the trading public.

“This will allow for seamless and transparent implementation of the relief measures,” he stated.