• Saturday, December 09, 2023
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Nigeria spends N229bn on sugar importation


The Senate heard during debate on Wednesday that Nigeria wasted almost N229 billion on importation of sugar alone with over 10,000 workers now out of jobs because of the Federal Government policy of granting waivers to selected importers of raw sugar into Nigeria.

Nenadi Usman, chairman, Senate Committee on Investment, disclosed these statistics during the lead debate on a Bill for Act to amend the National Sugar Development Council Act Cap N78 LFN 2011 and for other matters connected therewith.

Usman said, “The funds in the Sugar Levy Account is a dedicated fund for a specific purpose, but over the years monies have been withdrawn from the account for other purposes not related to sugar sector development.

“These amendments are required to ensure council’s direct access to its funds and prevent the fund’s use for un-intended purposes.”