Business
3rd Quarter: FG Releases Rice Importation Benchmark Price
The Federal Government has released the benchmark price of all types of rice being imported into Nigeria for the third quarters running from July to September 2014.
The Minister of Finance and Co-ordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala, said a total of $485 (about N75,000) per metric ton would be the price of all consignments of rice being imported into the country.
In a letter Ref: BD/FP/TT/49/A/1/232 dated July 18, 2014, sent to the Comptroller-General, Nigeria Customs Service, Okonjo-Iweala explained that the benchmark price was based on the advice of the Federal Government Benchmark Price Committee on Rice.
The Committee comprises the Presidential Committee on Trade Malpractices (PCTM), Federal Ministry of Agriculture and Rural Development (FMAXRD), Federal Ministry of Industry, Trade and Investment (FMITI), Budget Office of the Federation/Federal Ministry of Finance and the Nigeria Customs Service (NCS), with Distributors Association of Nigeria (RIMIDAN) in observer capacity.
The Finance Minister also gave a breakdown of the total benchmark price. According to her, the free on board (FOB) also known as cost of material stands at $430 approximately N66,968.20 while freight transportation would attract a fee of $55 about N8,566.
Okonjo-Iweala, however, directed the Customs boss to ensure strictness with the directive in his appraisal of all consignments of rice within the period.
Following the implementation guidelines, the deputy Comptroller-General of Customs (Tariff & Trade), G. T. Aliu, in another circular letter to all Customs Zonal Coordinators and other Senior Heads of Units, explained that the implementation guidelines for the interim measures stand, pending the issuance of the 2014 fiscal policy measures which would clearly stipulate duty rates and levy.
In the letter ref: NCS/HS/899/30/T and dated June 19,2014, Aliu said all rice importers with ship loads presently awaiting clearance at the ports should be allowed to clear their consignments provided the letter of Indemnity from the bank is presented to Customs Area Controller by them.
Aliu said the values of the bank bond would be based on the current extant duty rate and levy.
He added that the interim measure is applicable only to investors with rice milling capacity and pure rice traders with rice laden ships presently awaiting clearance at the ports as at Friday, June 13, 2014.
Samuel Eleonu
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