Importers who were granted import waivers to the tune of N30billion by the administration of President Goodluck Jonathan may be in for hard time as the Senate on Wednesday June 8 ordered the Nigeria Customs Service to collaborate with the Central Bank of Nigeria (CBN) and commence the process of retrieving the funds.
It was learnt that the waivers were misapplied by the importers to fraudulently use in the importation of rice into the country, The Punch reports.
The Senate President, Bukola Saraki, made this disclosure after a three-hour meeting between the upper chamber and the management of the CBN, led by the Governor, Godwin Emefiele.
Saraki stated that the parley discussed extensively on the specific steps needed to be taken in order to diversify the nation’s economy which is import dependent. He added that this will give room to locally produced goods to thrive.
He said:“We must also show the big signals in things that will bring out the success of this policy; for example, you (CBN team) brought to our notice the issue of the waivers on taxes and duties, especially on rice, which is about N30bn, that were granted to certain companies; this money must be paid back to the Federal Government.
“We have mentioned this to the governor of the central bank. It will be our resolve too after we resume to get the Nigeria Customs Service to act on this. Even before that, we cannot be taking some of these top positions, while some people will get away and will not pay what they are supposed to pay, what they should return to government.
“We have told the governor of the CBN as well that he should go and collaborate with the Customs to ensure that this N30bn comes back to the government coffers so that we will be seen to be doing things to make this policy successful.”
The Senate president said Buhari administration was committed to the growth of local industries especially in the area of agricultural produce and some selected textiles.
He pledged that the Senate under his leadership will give the CBN maximum support to make this policy come to fruition.
“Secondly is the issue of smuggling, because no matter how good this policy on import substitution looks, if smuggling can still be going on the way it is now, this policy will not be successful,” Saraki stated.
He described as very embarrassing the high level of smuggling being perpetrated by big time and known smugglers pointing out that it should be curtailed as the stance of the present administration is zero tolerance for corruption.
Saraki said:“The key issue is also fiscal discipline; we cannot de-emphasise it. The CBN must know those agencies of government that had in the past not been sending revenue straight to the consolidated revenue purse.
“We must all play a role in ensuring that this is done because a lot of agencies are used to this act of impunity and it is the time that we must play a role that these agencies bring the money back.
“We have seen that there is a slight increase in the amount in the foreign reserves due to that level of fiscal discipline and this must be sustained.”
Emefiele in his address to senators said that the country’s economy slowed to 3.9 per cent in the first quarter of 2015, down from 4.9 per cent in the last quarter of 2014.
He said: “Headline inflation remained stable throughout the year although it has crept up to the upper limit of the central bank range of 69 per cent. Import prices inflation rose to 8.9 per cent. Inflation rose gradually to eight per cent in December 2014 to nine per cent in May, 2015.”It will be recalled that 7 House of Representatives said that Nigeria lost over N1trillion to waivers granted to importers.
