The Federal Government has conceded N1.024 trillion by granting four incentives between 2011 and 2015, the Minister of Finance, Budget and National Planning, Zainab Ahmed said.
A breakdown showed that import duty waiver, concessions, grants gulped N504 billion, Value Added Tax (VAT) waiver N228bn, Pioneer status non-oil companies N74bn and pioneer Status PPT on oil companies N220bn.
At a one-day sensitisation seminar on Digitalisation of Import Duty Exemption Certificate (IDEC) in Kano, she said from August 2017 to August 2019, N342bn worth of waivers was granted.
The minister said the scope of such requests is expanding hence the need to have in place modern technology to drive its administration.
Ahmed who was represented by Shehu Kura, Kano State Commissioner for Budget and Planning, said the automated IDEC portal, which is in line with the ministry’s Strategic Revenue Growth Initiative (SRGI) shall deliver improved revenue profile of the government by blocking leakages associated with the current duty exemption processes.
The government will also standardise and simplify the waiver request processes to eliminate bottlenecks and subjectivity thereby guaranteeing ease of doing business.
The Comptroller – General of Customs, Col. Hameed Ali (Rtd) said issuing waivers/IDEC is to provide incentives that will stimulate industrialisation and economic growth.
“To achieve this, it is important for stakeholders who are the beneficiaries of the initiatives understand the process and fully comply with the rules”
