Senate seeks refund of GEJ’s N30bn waiver on rice

President of the Senate, Bukola Saraki has said that waivers on taxes and duties amounting to about N30 billion which were allegedly granted by the last administration of President Goodluck Jonathan to certain companies, which imported rice into the country, must be paid back to government coffers.

He therefore directed the Central Bank of Nigeria (CBN) to collaborate with the Nigerian Customs Service (NCS) to retrieve the monies.

Saraki stated this while briefing journalists after a between the upper chamber and the management of the CBN, led by the Governor, Mr. Godwin Emefiele.

Saraki explained that the meeting deliberated extensively on the specific steps needed to be taken in order to diversify the nation’s economy from import dependent to export-based with priority given to locally produced agriculture and textile products.

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 Central Bank. It will be our resolve too after we resume to get the Nigerian Customs 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.

Read also: Saraki consolidates position

“We have told the governor of CBN as well. He should also go and collaborate with Customs to ensure that this N30bn come back to the government coffers. So that we will be seen to be doing things to make this policy successful.”

Saraki explained that the Buhari administration was committed to the policy which was intended to encourage local production of some selected items, particularly key ones that has to do with agricultural products like rice, chicken, palm oil, and even in the areas of textiles.

He said the policy was a step taken in the right direction to help the economy in the area of import and export substitution.

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