The Federal Government has announced that the suspension of customs duties and taxes on imported food items will begin next week. This move is part of a broader strategy to address rising food inflation across Nigeria.
In July, the government approved a 150-day duty-free period to facilitate the importation of maize, husked brown rice, and wheat. This initiative is part of the Presidential Accelerated and Stabilisation Advancement Plan.
At a meeting of security agency heads in Abuja on Tuesday, Comptroller-General of Customs, Bashir Adeniyi, outlined that the implementation of this policy will commence as soon as the necessary guidelines are finalized. He attributed the delay in the policy’s rollout to the need for comprehensive consideration of the interests of all stakeholders, including local farmers.
Adeniyi reassured the public that some of the imported food items already in the country will be cleared without the imposition of duties and taxes. He emphasized the government’s goal of balancing the needs of local farmers with the urgent need to combat food inflation.
“We are working to finalize the guidelines at the Ministry of Finance and expect them to be ready within the next week,” Adeniyi said. “We urge Nigerians to be patient as we prepare to implement these fiscal policies. Some of the items already in the country will be processed without customs duties and taxes.”
The Customs boss expressed optimism that this policy would contribute to lowering food prices and alleviating inflationary pressures on consumers. He stressed the importance of addressing both short-term and long-term interests of stakeholders involved in the production and importation of food items.
Adeniyi also addressed ongoing protests centered on food scarcity, noting that the government has been active in addressing hunger through various measures, including the distribution of strategic food reserves across the country.
He added, “The government has implemented a range of fiscal policies and interventions to tackle food inflation and hunger. This includes suspending customs duties and taxes on certain imported food items to help reduce prices in the market.”
The suspension is expected to provide temporary relief in food prices and contribute to broader efforts to stabilize the national food supply and combat inflation.