Nigeria has spent about N400 billion on the importation of raw sugar from 2013 to 2016 according to a member of the House of Representatives, Hon. Abiodun Olasupo.
The lawmaker, representing APC-Iseyin/Itesiwaju/Kajola/Iwajowa Federal Constituency, told journalists in Iseyin on Sunday that this was in spite of the waivers to enhance local production.
Olusupo also doubles as the Chairman, House of Representatives Ad hoc Committee investigating the waiver given to certain companies on sugar importation from 2013 to 2016.
According to him, Nigeria has within four to five years expended close to N400 billion on the importation of raw sugar.
He said, “This is paid in dollars, encouraging the outflow of our hard earned foreign exchange.
“From the records 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 percent production of sugar locally.”
Olasupo said that the situation had impacted negatively on the nation’s economy.
He noted that local production of sugar would create jobs for the unemployed and reduce the outflow of foreign exchange.
Olasupo said it was also meant to ensure that 80 percent of materials were sourced locally by 2018.
He said that from the presentations of major stakeholders at the first public hearing, Nigeria has yet to achieve 10 percent of the requirements on sugarcane production.
The lawmaker said the task ahead of his committee was huge, noting that his members would give their best to ensure things were put in order and on the right track.