The Free Trade Zones (FTZs) Programme, according to the Nigeria Export Processing Zones Authority (NEPZA), brought in a total of N35.1 billion for the government, According to the Nigeria Export Processing Zones Authority (NEPZA), the Free Trade Zones (FTZs) Programme produced N35.1 billion in customs duties for the government in 2021.
According to the authorities, N408.3 million in Pay As You Earn (PAYE) taxes were also paid in 2021. NEPZA’s managing director, Prof. Adesoji Adesugba, said in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja that the organization ensured the efficient generation of customs duty and administration of taxes relevant to the operation of zones.
The NEPZA Act’s Section 19 requires FTZ businesses to provide statistics and data returns, While Section 8 mandates that businesses operating in zones should not be subject to local, state, or federal taxes. The head of NEPZA added that the program produced a total of 19,125 jobs in 2021.
The managing director outlined how the Federal Government has given its approval for NEPZA to create and run the Special Economic Zones Security (SEZSEC). He said that the Nigerian government embraced the FTZ model and established NEPZA with Act 63 of the parliament in 1992 to control and manage it in order to generate a sustainable income source and lessen over-dependence on the downstream industry.