“Businesses Are Dying”: Peter Obi Warns Tinubu To Stop The Ever-Increasing Customs Duties

• Peter Obi said the federal government should stop the arbitrary and ever-increasing customs duties
• The Labour Party presidential candidate lamented that businesses are dying and manufacturers are shutting down
• The former governor said the federal government should not continue to target high customs revenues at the expense of the survival of local businesses

Legit.ng journalist Adekunle Dada has over 5 years of experience covering metro and government policy.

FCT, Abuja - The presidential candidate of the Labour Party (LP), Peter Obi, said the poor and inconsistent economic policies of President Bola Ahmed Tinubu’s administration are killing businesses and making manufacturers shut down factories.

Obi said the federal government should stop the ever-increasing Nigerian Customs Service (NCS) duties.

He stated this via his X handle (formerly known as Twitter) @PeterObi, on Wednesday, February 21.

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Customs' exchange rate killing businesses

The former Anambra state governor said the Customs Foreign Exchange (FX) rate for duties is having a negative impact on businesses and the cost of items.

As reported by TheCable, In February alone, customs increased the rate six times, reflecting the volatility in the broader FX market.

Obi warned that If the situation is not corrected, importers may resort to using ports of neighbouring countries, which may further deepen our economy into a worse situation.

“I wish to urgently call on the Federal Government of Nigeria to end the inconsistency in duty charges as it is affecting the general business atmosphere in the country. The federal government should stop the arbitrary and ever-increasing customs duties.

He added that:

“The government should also show consistency in its policies as this will help with economic forecasting and business planning. Businesses are dying and manufacturers are shutting down because of the poor and inconsistent economic policies of the government.”

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CBN raises Customs' dollar rate to clear goods

Meanwhile, Legit.ng reported that the Central Bank of Nigeria (CBN) adjusted the Customs import duty exchange rate again.

The latest federal government trade portal data showed that the Customs exchange rate for clearing goods was N1,537.073 to the dollar.

This represented a 2.9% increase from the previous rate of N1,493.23 as of Saturday, February 17, 2024. The development once again highlighted the continued depreciation of the naira in the foreign exchange market.

Source: Legit.ng