The Federal Government is targeting to reduce the costs of its annual importation of various items into Nigeria from N9.85 trillion in 2016 to N8.79 trillion by 2019. This is part of the proposal the Federal Government plans to make in the 2017-2019 Medium Term Expenditure Framework to be submitted to the National Assembly in October.
The News Agency of Nigeria (NAN) obtained the document from a source at the Ministry of Budget and National Planning on Monday in Abuja. According to the document, this shows a decrease of about N1.05 trillion in import bill from 2016 to 2019.
NAN recalls that the country is heavily dependent on importation. Trillions of Naira is spent annually on importing processed meat, poultry, tomatoes, toothpicks and clothing, among others.