FG Generates N5bn Annually From Sugar Levy, NSDC Says
The National Sugar Development Council (NSDC) has revealed that the Federal Government generates N5 billion annually from sugar levy collections. This was disclosed by the Executive Secretary of the NSDC, Dr. Latif Busari, at a media parley held yesterday in Abuja.
Dr. Busari said 5% of the value of sugar imports is collected as sugar levy and the fund is managed by the Bank of Industry (BOI) for the development of the sugar industry.
The NSDC’s boss said players in the sugar industry initiated the sugar levy for capacity development in the industry.
In line with the idea behind the fund, he said the NSDC has set up the Nigeria Sugar Institute (NSI) located at Ilorin and funded 100% from the fund for research purposes and capacity development in the sugar industry.
Going by global and local economic outlooks, Dr. Busari said the NSDC has reviewed downward the domestic sugar production projection from 1.7 million metric tons to 1 million metric tons by 2023.
He said the initial 1.7 million metric tons projection by 2023 was ambitious and judging that Nigeria would move from zero metric tons to over a million metric tons in a decade should be commendable.