Commencing next week, the Federal Government has announced the guidelines for the suspension of customs duty and taxes on imported food items as part of its efforts to combat rising food inflation in the country.
In a move to address the situation, the Federal Government sanctioned a 150-day duty-free period for the importation of maize, husked brown rice, and wheat, in adherence to the Presidential Accelerated and Stabilisation Advancement Plan.
During a meeting of security agency heads in Abuja, the Comptroller-General of Customs, Bashir Adeniyi, confirmed that the implementation of this policy will kick off once the finalized guidelines are in place.
Adeniyi emphasized that the delay in implementation was to ensure that the interests of all stakeholders, including farmers, were taken into consideration. He assured that imported items already in the country would be cleared without duty and taxes.
He urged Nigerians to be patient, stating that the guidelines are being finalized at the Ministry of Finance and will be ready within the next week for the Nigerian Customs to act accordingly.
Adeniyi expressed optimism that the suspension of duty and taxes on imported food items would eventually lead to a reduction in food prices, aligning with the government’s outlined policy.
He highlighted the government’s commitment to addressing the concerns of all stakeholders and stressed the importance of supporting Nigerian farmers alongside the duty waivers and concessions being implemented.
In response to recent protests centered on ending hunger, Adeniyi affirmed the government’s ongoing efforts to combat hunger through various fiscal policies and strategic interventions.