Saraki mandates CBN to recover, refund N30bn to FG

The Senate has urged the Central Bank of Nigeria (CBN) to recover N30 billion import waiver granted to rice importers.

Bukola Saraki, president of the senate, made the call on Wednesday while receiving Godwin Emefiele, governor of the CBN, in Abuja.

Saraki said such waivers were responsible for the stagnancy of the nation’s rice industry.

“It has been brought to our notice that more than N30 billion was given to certain companies as waivers on duties, especially on rice,” he said.

“This money must be repaid to the federal government. It will be our resolve, too, after we resume to get the Nigerian customs to act on this.

“Even before that, we cannot be taking some of these top positions while some people will get away and will not pay what they are supposed to pay, what they should return to government.”

He said the senate would support the bank and its policies to revitalise the nation’s economy.

Emefiele had earlier said that rice farmers in the country will remain bankrupt because Nigerians prefer imported rice.

“As we speak today, hundreds of metric tonnes of locally produced rice litter Nigerian markets,” he said.

“Rice farmers are in poverty due to our preference for imported rice although local rice are now about the same package with better quality.

“We, therefore, seize this opportunity to appeal to our rice importers to support local farmers by patronising home grown rice. It is now time for us to work together to resuscitate our moribund industries by growing and consuming locally produced rice.”

The CBN governor said the bank would help to conserve foreign reserves, achieve a stable exchange rate that will create jobs and enhance economic growth.