A total of N400 billion was spent on importation of raw sugar from 2013 to 2016 in Nigeria, Chairman, House of Representatives Ad hoc Committee investigating the waiver given to certain companies on sugar importation from 2013 to 2016, Abiodun Olasupo has said.
He lamented the huge importation of raw sugar in spite of the waivers meant to enhance local production and ensure that 80 per cent of materials were sourced locally by 2018.
“This is paid in dollars, encouraging the outflow of our hard earned foreign exchange. From the record at our disposal now, the three companies licensed to import raw sugar are in a deficit of about N322 billion as waivers with nothing on ground. The effort of the waiver is to have 70 per cent production of sugar locally,” he stated.
Lamenting the negative impacts of the situation on the economy, he stated that boosting local production would create jobs and conserve foreign exchange.
He decried a situation where Nigeria had not achieved 10 per cent of the requirements on sugarcane production.
Olasupo assured of the commitment of his committee members to actualise their mandate.
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