FG concedes N1.02tr import duty waiver, grants in 3 years – Minister

The Federal Government says it has conceded about N1.024 trillion import duty waivers, concessions and grants to drive economic growth in the country in the past three years.

The Minister of Finance, Budget and Planning, Mrs. Zainab Ahmed, made this known at a one-day sensitisation on Digitisation of Import Duty Exemptions Certificate (IDEC) on Monday in Kano.

The minister, represented by the Kano State Commissioner of Finance, Shehu Na-Allah Kura, said the waivers were granted to businesses and corporate organisations between 2011 and 2015, adding that the government also granted approximately N341.94 billion waivers between Aug. 2017 and Aug. 2019.

Zainab Ahmed said the basis for providing these incentives was to stimulate economic growth and overall development.

The automated IDEC, she said would guarantee ease of doing business, ensure effective tracking of fiscal incentives granted, improve process efficiency and accountability by reducing turnaround time from 60 to only three days, adding that it would improve revenue profile, block leakages, cut financial losses associated with current duty exemption process and standardisation of waivers.

The Permanent Secretary, Federal Ministry of Finance, Ahmed Aliyu, represented by the Director of Information and Public Relations of the ministry, Hassan Dodo, said about 1,000 certificates were issued since the inception of the automated IDEC portal, adding that the certificates were issued to government and private organisations.

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