President Bola Ahmed Tinubu-led federal government has continued to foot-drag in the implementation of zero import tariff waiver on selected food items months after the kickoff announcement, DAILY POST reports.

The food items to enjoy the zero tariff include husked brown rice, grain, sorghum, millet, maize, wheat and beans for 150 days spanning from 15th July to 31 December 2024.

The tariff waiver was first announced by the Minister of Finance, Wale Edun in June 2024 as part of President Tinubu’s administration fiscal policy measures to cut down on the prices of food.

In July 2024, the Comptroller General of NCS, Bashir Adewale Adeniyi reaffirmed the government’s commitment towards the commencement of the tariff waiver.

The policy was expected to kick off on August 14, 2024, when the Customs in a statement announced the rollout of detailed guidelines towards the implementation of the tariff waiver.

“Nigeria Customs Service (NCS) is pleased to announce that His Excellency, the President of the Federal Republic of Nigeria Bola Ahmed Tinubu GCFR through the Honourable Minister of Finance and the Coordinating Minister of the Economy, Olawale Edun has approved the regulation for the implementation of a Zero Percent Duty Rate (0 percent) and Value Added Tax (VAT) exemption on selected basic food items.

“This measure aims to mitigate the high cost of food items in the Nigerian market by making essential commodities more affordable for citizens”, Customs stated.

However, months after the announced tariff waiver, Nigerians have lamented that the policy was yet to see the light of the day.

This is as the objective of reducing the prices of food items remained unachieved while the majority of Nigerians groan at the very rising cost of living.

DAILY POST reports that despite the National Bureau of Statistics inflation data for July and August which showed food inflation eased to 39.53 and 37.52 percent, market realities showed that the prices of food and goods remained high.

A market survey by DAILY POST on Monday showed that a 50-kilogram bag of local or foreign rice is sold between N87,000 and N106,000.

This is as a 50kg bag of beans goes for between N65,000 and N100,000. For the majority of Nigerians, access to staple food has become a nightmare, a situation that would have been reduced with the implementation of the zero-tariff waiver on selected food items.

Speaking on the development in an interview with DAILY POST on Monday, the Executive Director of the Centre for the Promotion of Private Enterprise, Muda Yusuf said the major problem was the slow pace with which the government was implementing the zero tariff policy.

According to him, there was a big lag between the announcement of the policy by the government and the preparation of the guidelines for its implementation.

He stressed that the tariff waiver had not been fully activated as the impact was yet to be felt in the country’s economy.

Yusuf urged the government to work on the speed of implementation of the policy.

“The customs must implement the policy. The customs need to be advised by the ministry of finance, and until that is done, implementation cannot start.

“I think it has to do with the speed of the implementation of the policy. When the Government announces a policy, the ministry ought to work on the guidelines, which are transmitted by the ministry of finance to the customs. I think there is a lag between the announcement of the policy and the production of the guidelines.

“The policy has not been fully activated which is why the impact is not felt. This is because all the processes in terms of guidelines are a bit slow. The government needs to work on the speed of implementation”, he told DAILY POST.

On his part, Olufemi Kayode, a member, Association of Nigeria Licensed Customs Agents, ANLCA, and Special Assistant to Prince Adewusi Bamigbala, the Chairman of ANLCA, Murtala Muhammed International Airport Command Chapter, faulted Customs, noting that there was yet to be a clear-cut and proper guideline for the implementation of the zero tariff policy.

He stated that there was the possibility of internal sabotage and frustration within the Customs that may be undermining the implementation of the tariff for the good of the generality of Nigerians.

“Generally speaking, from the circular available there are no clear-cut directives apart from the fact that some of the tariffs were mentioned.

“There are no proper guidelines for its implementation. The Customs must put it into proper perspective.

“There is the possibility of internal sabotage or frustration in getting the implementation right.

“Customs may be having internal challenges about the proper classification or coding of the tariff waiver into its portal”, he said.

Meanwhile reacting to the development, in an exclusive chat with DAILY POST, NCS spokesperson, Abdullahi Maiwada said it was untrue that the service was sabotaging the implementation of the zero-tariff waiver policy on selected food items.

According to him, the Service had told Nigerians the procedures for accessing the tariff waiver.

He added that the NCS was committed to all policies formulated by the government to ease the economic hardship Nigerians faced.

“Well, we have issued a statement earlier and we told Nigerians procedures of accessing the tariff waiver.

“It is malicious to say Customs is sabotaging the implementation of the policy.

“We are a responsible government agency. We are out to implement all policies formulated by the government.

CREDIT: DAILY POST

In the second quarter of 2024, 483,464 Nigerians withdrew N247.47 billion from their Retirement Savings Accounts (RSAs) due to job losses, according to the National Pension Commission (PenCom). This withdrawal represents 25% of their pension savings and underscores the growing impact of rising business costs in Nigeria, which have contributed to widespread unemployment.

The amount withdrawn in Q2 2024 significantly surpassed the N182.2 billion taken out by 443,720 RSA holders in Q3 2022, reflecting worsening economic conditions that critics attribute to poor policies by the current administration.

This information was shared by Ogwuche Aguda, CEO of the Pension Funds Operators Association of Nigeria (PenOp), during the 2024 annual conference of the Pension Correspondents Association of Nigeria (PenCAN) in Abuja. Aguda noted that contributions to the contributory pension scheme from both public and private sectors reached N5.72 trillion in Q2 2024, with total pension assets amounting to N20.87 trillion.

As of July 2024, Aguda reported that N169.67 billion (0.81% of total assets) had been invested in infrastructure. Additionally, N2.16 trillion (10.35% of total assets) was invested in the equity market, while N2.25 trillion was allocated to corporate debt during the same quarter.

Aguda praised the Contributory Pension Scheme (CPS) for transforming pension management in Nigeria, describing it as a move from a failing system to a more transparent and reliable one.

However, the National Union of Pensioners criticized the 2004 Pension Reform Act for not addressing critical issues, such as the need for periodic pension adjustments for retirees. The union claims this has led the Nigeria Police Force to consider exiting the CPS.

“The new scheme could improve if we tackle its challenges. There have been no increases for years, prompting the Police and others to want to leave the scheme,” stated Bunmi Olukolade, the union’s publicity secretary. He emphasized that inadequate post-retirement support has driven many to engage in corrupt practices for financial security in old age. “If pensioners were adequately cared for after service, agencies like the ICPC and EFCC would have less to address,” he remarked.

Meanwhile, PenCom reassured Nigerians that the federal government’s outstanding pension liabilities under the CPS will be resolved soon. Director-General Mrs. Omolola Bridget Oloworaran, represented by Corporate Communications head Ibrahim Buwai, confirmed that the backlog of pension liabilities has been calculated and efforts are underway to address it promptly. “This issue will soon be behind us,” Buwai affirmed, reiterating the government’s commitment to clearing the arrears.

Additionally, she mentioned that RSA holders can now use part of their pension savings for equity contributions toward residential mortgages. “This initiative has already helped over 5,000 workers achieve homeownership, with N47.13 billion disbursed as equity contributions from their RSAs to mortgage lenders.”

The Nigerian Communications Commission (NCC) on Wednesday, revealed that over 153 million Subscriber Identification Modules (SIMs) have been successfully linked to a National Identity Number (NIN), reflecting a compliance rate of 96 per cent, a substantial increase from 69.7 per cent in January 2024.

This is even as the NCC has directed all Mobile Network Operators (MNOs) to complete the mandatory verification and linkage of SIMs to NINs by September 14, 2024.

Effective September 15, 2024, the Commission expects that no SIM operating in Nigeria will be without a valid NIN.

The Commission’s director, public affairs, Reuben Muoka, in a statement, said NCC is approaching the final phase of the SIM-NIN linkage process, even as it seeks the continued cooperation of all Nigerians to achieve 100 per cent compliance.

“The complete linkage of all SIM cards to NINs is essential for enhancing the trust and security of our digital economy. By verifying all mobile users, this policy strengthens confidence in digital transactions, reduces the risk of fraud and cybercrime, and supports greater participation in e-commerce, digital banking, and mobile money services. This, in turn, promotes financial inclusion and drives economic growth,” it averred.

Through collaboration with the Office of the National Security Adviser (ONSA) and the National Identity Management Commission (NIMC), the NCC said it has uncovered alarming cases where individuals possessed an unusually high number of SIM cards—some exceeding 100,000.

The Commission reiterated its commitment to working with security agencies and other stakeholders to crack down on the sale of pre-registered SIMs, thereby safeguarding national security and ensuring the integrity of mobile numbers in Nigeria.

It therefore urged all Nigerians who have not yet completed their NIN-SIM linkage, or who have faced issues due to verification mismatches, to visit their service providers promptly to update their details before the deadline; alternatively, the approved self-service portals are available for this purpose.

The NCC also reminds the public that the sale and purchase of pre-registered SIMs are criminal offences punishable by imprisonment and fines. “We encourage citizens to report any such activities to the Commission via our toll-free line (622) or through our social media platforms,” it added.

CREDIT: LEADERSHIP