Peter Obi, the Labour Party’s presidential candidate in the last general election, has warned the federal government that the current increase in the exchange rate for cargo clearance is affecting businesses and boosting inflation across the country.
In a statement issued on Wednesday, Obi urged the government to end the arbitrary and ever-increasing customs duties.
The former Anambra State governor stated that this condition is significantly harming businesses and the cost of commodities, warning that it “portends a huge danger to the economy”
- “A situation where at the point of initiating importation, Form M and other documents related to importation are based on a particular rate of exchange, for example, N1000 to $1, being the prevailing exchange rate at the time which the importer of goods was used to calculate the entire process, from the import initiation to receipt of goods in his warehouse.
- “Then suddenly when the goods arrive in Nigeria, and duties are calculated at different rates, say N1400 to $1, it becomes a serious business challenge that results in business losses. Worse still, it directly fuels the inflationary spike which is the basis of increasing cost of goods and living,” he added.
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 as
— Peter Obi (@PeterObi) February 21, 2024
