The Federal Government has announced that the suspension of customs duty and taxes on imported food items will commence next week. This initiative is part of efforts to curb rising food inflation across the country.
In July, the government approved a 150-day duty-free window for the importation of maize, husked brown rice, and wheat under the Presidential Accelerated and Stabilisation Advancement Plan.
At a meeting of security agency heads in Abuja, Comptroller-General of Customs, Bashir Adeniyi, confirmed that the implementation would begin once the guidelines are finalized. He emphasized that the delay was to ensure all stakeholders, including farmers, were considered.
Adeniyi said, “The guidelines are being worked out at the Ministry of Finance and I can assure you that within the next week, these guidelines will be ready. The Nigerian Customs will begin the implementation of these fiscal policies. I urge Nigerians to be patient as items already in the country will be cleared without duty and taxes.”
He expressed confidence that this suspension would help reduce food prices, noting the balance between the interests of local farmers and the need to control food inflation.
“The Nigerian Customs is committed to the implementation of this fiscal policy as outlined by the government. This intervention is expected to lower market prices of food items,” Adeniyi added.
He highlighted ongoing government efforts to tackle hunger, citing the distribution of food items from national grain reserves and the planned duty suspension as key measures.
Adeniyi concluded, “The President has taken steps to cushion the effects of inflation by suspending customs duty and taxes on imported food items temporarily. This is part of a broader strategy involving fiscal policies and strategic interventions from various government entities.”
