{"id":4075,"date":"2013-05-23T02:26:58","date_gmt":"2013-05-23T02:26:58","guid":{"rendered":"http:\/\/disnaija.com\/nigerian-newspapers\/nigeria-spends-n228-5b-to-import-sugar\/"},"modified":"2013-05-23T02:26:58","modified_gmt":"2013-05-23T02:26:58","slug":"nigeria-spends-n228-5b-to-import-sugar","status":"publish","type":"post","link":"https:\/\/disnaija.com\/nigeria-spends-n228-5b-to-import-sugar\/","title":{"rendered":"\u2018Nigeria spends N228.5b to import sugar\u2019"},"content":{"rendered":"
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Nigeria spent N228.5 billion to import sugar in the last three years, it was learnt yesterday.<\/p>\n

Also, over 10,000 workers lost their jobs during the period as a result of waivers the Federal Government grants to selected major sugar importers.<\/p>\n

It was further revealed that the 10 per cent of government fund, which accrued to the Sugar Levy Account, had been spent for other purposes other than the purposes for which it was meant.<\/p>\n

The Chairman of the Senate Committee on Investment, Nenadi Esther Usman, said this in Abuja when he led a debate on a Bill for an \u201cAct to amend the National Sugar Development Council Act Cap N78 LFN 2011 and for other matters connected there with.\u201d<\/p>\n

Senate President David Mark described the Federal Government\u2019s waivers policy as a \u201cclassic example of policy failure.\u201d<\/p>\n

Usman said: \u201cThe 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 But over the years, monies have been withdrawn from the account for other purposes not related to sugar sector development.<\/p>\n

\u201cThese amendments are required to ensure Council\u2019s direct access to its funds and prevent the funds from being used for unintended purposes.<\/p>\n

\u201cBeginning from around 2004, when the first sugar refinery started operating in the country, the money accruing to the Sugar Levy Account has witnessed a steady decline.<\/p>\n

\u201cThis is due mainly to the fact that most imports now are raw sugar, which currently enjoys a waiver on the payment of the 10 per cent sugar levy.<\/p>\n

\u201cNigeria currently consumes 1.3 million metric tonnes of sugar annually, but produces only 30,000 to 50,000 tonnes, which is less than five per cent of its annual consumption.<\/p>\n

\u201cThe huge supply gap is bridged through the imports of sugar, mainly from Brazil.<\/p>\n

\u201cNigeria spent N53.6 billion, N73 billion and N101.9 billion in 2009, 2010 and 2011 on sugar importation to meet the nation\u2019s requirement.\u201d<\/p>\n

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Posted in Nigerian Newspapers. <\/a>A DisNaija.Com<\/a> network.<\/p>\n

Source: The Nation Newspaper<\/p>\n

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