The Federal Government announced on Tuesday that guidelines for the suspension of customs duty and taxes on imported food items are set to commence next week. This move is part of efforts to address rising food inflation across the country.
In July, the government approved a 150-day duty-free window to facilitate the importation of maize, husked brown rice, and wheat under the Presidential Accelerated and Stabilisation Advancement Plan.
Speaking at a meeting of heads of security agencies in Abuja, Comptroller-General of Customs, Bashir Adeniyi, confirmed that the implementation of the policy would begin once the guidelines are finalized.
Adeniyi explained that the delay in implementation was to ensure all stakeholders’ interests, including farmers, were adequately considered. He assured Nigerians that some imported items already in the country would be cleared without duty and taxes.
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“There is the issue of striking a balance between the long-term interests of Nigerian farmers and stakeholders involved in the production of these items, and the short-term interest of addressing food inflation,” Adeniyi stated.
He added that the Ministry of Finance is finalizing the guidelines, and the Nigerian Customs will start implementing the fiscal policies within the next week. Adeniyi urged Nigerians to be patient, emphasizing that the suspension of duty and taxes on imported food items would help reduce food prices.
“The Nigerian Customs is committed to the implementation of this fiscal policy as outlined by the government. We believe that when implemented, it will help bring down food prices in the market,” he said.
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Adeniyi also highlighted ongoing efforts to eradicate hunger through various fiscal policies and strategic interventions from ministries, departments, and agencies. He mentioned the recent distribution of strategic food items from the national grain reserves to all states as part of these efforts.
“The President’s intervention to cushion the impact of inflation by suspending customs duty and taxes on imported food items aims to address the hunger issue highlighted by ongoing protests,” Adeniyi concluded.