Bashir Adeniyi, the Comptroller General of the Nigeria Customs Service, announced that the service is set to implement duty waivers on imported foods within a week.
He stressed the need to consider the long-term interests of Nigerian farmers and other stakeholders involved in the production of the affected food items.
Adeniyi revealed this information during a joint news conference held in Abuja on Tuesday by the heads of security agencies and Service Chiefs, convened by Chief of Defence Staff, Gen. Christopher Musa at the Defence Headquarters.
He mentioned that the guidelines for implementation are currently being finalized at the Ministry of Finance and will be put into effect once completed.
Adeniyi urged Nigerians to be patient, assuring ongoing efforts to address the demands of protesters, particularly regarding food inflation and the cost of living.
The News Agency of Nigeria reported that President Bola Tinubu had instructed the suspension of import duties and taxes on essential foodstuffs to mitigate inflation.
“There have been extensive efforts to address the challenges related to improving this situation,” Adeniyi stated.
“A blend of government fiscal policies and strategic interventions have been put in place,” he added.
“As part of the Federal Government’s intervention, strategic food items were distributed from the national grain reserves a month ago to all states across the country. It is important to note that many food items consumed in Nigeria are imported,” the President emphasized.
He further explained, “Most components of these food items are imported which takes time, hence the President’s decision to temporarily waive customs duties and taxes on imported food items to alleviate inflation pressures.”
“This measure is expected to contribute to lowering the prices of food items in the market,” he stated.
He assured that the Nigeria Customs is fully committed to implementing this fiscal policy set by the government.
“However, we must be cautious in the implementation, hence the meticulous development of implementation guidelines at the Ministry of Finance,” he added.
Adeniyi stressed the importance of understanding the implications of this intervention on local markets and highlighted the government’s efforts to consider all stakeholders’ interests.
He also noted that many of the food items benefiting from the duty waivers and concessions are cultivated by local Nigerian farmers, necessitating a careful balance of interests.
“A balance must be struck between the long-term interests of Nigerian farmers and stakeholders in food production and the short-term goal of addressing food inflation,” he emphasized.
“The Ministry of Finance is diligently working on the guidelines, and I can confirm that within the next week, these guidelines will be finalized, and Nigeria Customs will commence the implementation of these fiscal policies,” he concluded.
NAN.