The Federal Government of Nigeria announced that the guidelines for suspending customs duties and taxes on imported food items will commence next week. This initiative is part of the Presidential Accelerated and Stabilisation Advancement Plan aimed at tackling the country’s rising food inflation.
In July, the government approved a 150-day duty-free period to facilitate the importation of essential food items, including maize, husked brown rice, and wheat. The policy, delayed in considering the interests of various stakeholders, including local farmers, is now set to be implemented.
During a meeting with heads of security agencies in Abuja on Tuesday, the Comptroller-General of Customs, Bashir Adeniyi, confirmed that the implementation would begin as soon as the guidelines are finalized. He urged Nigerians to remain patient, assuring them that imported items already in the country would be cleared without the imposition of duties and taxes.
“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 explained.
Adeniyi expressed confidence that the suspension of duties and taxes on imported food items would help lower food prices across the country. He emphasized the Customs Service’s commitment to enforcing the policy as directed by the government, noting that the intervention is crucial for both local markets and consumers.
“The Nigerian Customs is committed to the implementation of this particular fiscal policy as enunciated by the government,” Adeniyi stated. “This intervention aims to alleviate the impact of rising food prices, while also considering the interests of Nigerian farmers.”
Adeniyi also addressed ongoing protests centered on ending hunger, highlighting the government’s efforts to tackle food insecurity through strategic interventions and fiscal policies. He cited the recent distribution of food items from national grain reserves to all states as one of the measures taken to combat hunger.
“One of the things that the President has done is to cushion the effect of the cost inflation by suspending customs duty and taxes on imported food items for some time,” he added, underscoring the government’s commitment to mitigating the impact of food inflation on Nigerians.
