- The Federal Government has suspended import duties and taxes on essential food items to tackle food inflation
- It also said export processes have been streamlined to facilitate the exportation of goods from Nigeria
- The suspension comes three weeks after the Federal Government announced a 150-day duty-free import of staple foods to address supply shortages
The Federal Government has announced the suspension of import duties and taxes on essential food items to make them affordable and to address food inflation.
This was disclosed by the Comptroller General of the Nigeria Customs Service (NCS), Bashir Adewale Adeniyi, on Tuesday, July 30.
Adeniyi reiterated the Federal Government’s commitment to seamlessly implementing import duties and tax suspensions to tame food inflation and combat hunger in the country.
He said Nigeria, like other countries, is facing a global inflation phenomenon, adding that the NCS has streamlined export processes to facilitate the efficient movement of goods from Nigeria to international markets.
The Customs boss said the export initiatives include the introduction of advanced ruling systems, authorised economic operators and a time-release study designed to enhance trade, stimulate the economy and create new opportunities.
He noted that the reforms in export processes will make it quicker for farmers, artisans, and entrepreneurs to access global markets and increase their profits.
Adeniyi said, “Global inflation is impacting nations worldwide, including Nigeria. To address this, the Federal Government, through the Nigeria Customs Service, is suspending import duties and taxes on essential food items to make them more affordable.
“We are committed to implementing this measure seamlessly to address the problem of hunger in our nation.
“We have streamlined export processes to ensure Nigerian goods reach international markets efficiently.”
‘We are intensifying efforts to combat arms and dangerous weapons proliferation’
Adeniyi further noted that the NCS is intensifying efforts aimed at stopping the proliferation of arms and dangerous weapons through land, sea and airports in the country.
He said the disruption in the supply chain affects foreign investment, distorts trade, promotes instability, increases scarcity and hinders revenue collection.
The Customs boss emphasised the importance of collective efforts to strengthen the country’s borders.
He said, “In these challenging times, let us unite in resilience and cooperation. We extend our heartfelt gratitude to those who have embraced the path of peace and dialogue.”
Suspension follows FG’s 150 days duty-free import of staple foods
It will be recalled that about three weeks ago, the Federal Government announced a 150-day import duty, taxes and tariffs suspension on the importation of staple foods through land and sea borders aimed at reducing their prices.
Also, it dispatched 740 rice trucks to states, at 20 trucks for each of the 36 states and the Federal Capital Territory, Abuja, to address the challenge of food affordability.
Minister of Agriculture and Food Security, Abubakar Kyari, while announcing the import duty suspension, said the suspension only applies to the importation of such commodities as maize, husked brown rice, wheat and cowpea.
He added that the Federal Government would collaborate with states to expand land cultivation.
Kyari said, “To ameliorate food inflation in the country caused by the affordability and exacerbated by availability, the government has taken a raft measure to be implemented over the next 180 days:
“A 150-day duty-free import window for food commodities, suspension of duties, tariffs, taxes for the importation of certain food commodities (through land and sea borders).
“The commodities include maize, husked brown rice, wheat and cowpeas. Under this arrangement, imported food commodities will be subjected to a recommended retail price.”
Rising food prices push headline inflation rate to 34.19%, food inflation to 40.87 %
Meanwhile, TheRadar earlier reported that the increasing prices of food pushed Nigeria’s headline inflation rate to a new 28-year high of 34.19 per cent in June 2024.
According to data released by the National Bureau of State Statistics (NBS) on Monday, July 15, the June rate is 0.24 percentage points higher than the 33.95 per cent recorded in May 2024.
