• Monday, May 27, 2024
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BusinessDay

Indorama, Chevron, others get N25.8bn worth of import duty waivers in 5mnths

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As part of its efforts to grow Nigeria’s agricultural and manufacturing sectors, the Federal Government has granted a total of N25.81 billion in waivers and exemptions to several organisations between January and May this year.

The beneficiary organisations include agencies, non-profit institutions and private businesses.

According a report from the Budget Office of the Federation, organisations operating in agriculture, oil and gas, power and education sectors were the major beneficiaries of duty waivers and exemptions.

In all, a total of 64 different organisations were granted waivers with several of them claiming supply of machinery, equipment and spare parts, plants, equipment and core drilling rigs.

Indorama Eleme Fertiliser and Chemicals Limited was the highest beneficiary of the waivers with N10.5 billion. A breakdown of the amount shows that the sum of N6.96 billion was waived for Indorama for the importation of machinery, equipment and spare parts, while the balance of N3.54 billion was waived on fertiliser equipment, catalysts and chemical pile.

Chevron Nigeria Limited was the second highest beneficiary, with N4.87 billion waived for the importation of machinery, equipment and pipelines; followed by Galaxy Backbone, with N2.49 billion for the importation of Information and Communications Technology (ICT) equipment.

Similarly, United Cement Company of Nigeria and NIPCO plc also got waivers of N1.91 billion and N1.02 billion, respectively, for the importation of machinery, equipment and spare parts.

Other major beneficiaries include Borno State government, which got N984.79 million waived for importation of agricultural machineries; the Federal Capital Territory Administration/Globe Motors for 290 units of motor vehicles used at the recent World Economic Forum; and Médecins Sans Frontières (Doctors without Borders), which got N568 million for medical supplies.