Ondo Senator Advocates Tariff Reduction Amidst Soaring Exchange Rates

Ondo Senator Advocates Tariff Reduction Amidst Soaring Exchange Rates

In a bid to alleviate the economic strains faced by Nigerians amidst rising exchange rates, Senator Olajide Ipinsagba representing Ondo North and a member of the Senate Committee on Customs and Excise, has urged for a reduction in tariffs on imported goods…..READ ALSO  Latest Black Market Dollar To Naira Exchange Rates: February 9, 2024

Highlighting the challenges encountered by clearing agencies at terminal ports and the resultant impact on Nigerians, Ipinsagba emphasized the urgent need for adjustment in tariffs during a public hearing conducted by the Senate Committee on the Nigeria Customs Service.

Expressing concerns over the hardships endured by citizens, especially following the fuel subsidy removal and fluctuations in the naira’s value, the Senator stressed the role of the Nigeria Customs Service in mitigating the adverse effects of high exchange rates on crucial imported goods.

While acknowledging that the Customs Service does not dictate exchange rates, Ipinsagba proposed a balanced review of tariff percentages to alleviate economic burdens on Nigerians.

He remarked, “Although the Customs may not be responsible for the high exchange rates caused by CBN policies, Nigerians are bearing the brunt of the situation. We need to find a middle ground to ease the burden by reconsidering tariff percentages used in calculating import duties.”

Ipinsagba also raised concerns about delays in processing Pre-Arrival Assessment Reports and alleged malfunctioning of Customs equipment, which contribute to additional charges and penalties, thereby exacerbating the plight of Nigerians.

In a call to action directed at the Comptroller-General of the NCS, Adewale Adeniyi, Ipinsagba urged for interventions to alleviate the prevailing hardships faced by citizens.

This plea comes amidst the Senate panel’s decision to review the NCS’s revenue target upwards, aiming to bolster internally generated revenue and mitigate Nigeria’s debt burden. The Committee’s chairman, Senator Isah Jibrin, emphasized the pivotal role of Customs in enhancing revenue generation to reduce the country’s reliance on external borrowing.