India Queen Basmati Rice
India Queen Basmati Rice

With the aim to encourage investment in local rice production, the house of representative would probe the companies involved in the local rice production under the federal government policy.

The issue that is responsible for the resolution of the screening was the allegation that some rice importers along with the foreign investor are importing the commodities in a manner that exceeds their approved quota and thus bring the federal government under a loss of t N28, 399 billion.

The companies against which the investigation is to be done are Stallion Group, Popular Foods and Olam Nigeria Limited.

The house said that Stallion Group, Popular Foods both are having a pending import duty worth of over N15 billion and despite the pending amount they had imported another 85,000 metric tonnes of rice into the country.

Honorable Simon Arabo (PDP, Kaduna) expressed his concern saying that the action of these companies are hurdling the nation’s self sufficiency drive in rice production and an act which deny the federal government the needed revenue on import duties.”

Related Link:

Nigeria at the exit door from its rice importation soon: Federal Government

 

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