The Federal Government announced on Tuesday that the guidelines for the suspension of customs duty and taxes on imported food items would commence next week.
This initiative, approved in July, provides a 150-day duty-free window for importing maize, husked brown rice, and wheat to combat rising food inflation across the country. It is part of the Presidential Accelerated and Stabilisation Advancement Plan.
At a meeting of heads of security agencies in Abuja, Comptroller-General of Customs Bashir Adeniyi stated that the policy implementation would begin once the guidelines are finalized. He explained that the delay was to ensure the interests of all stakeholders, including farmers, were considered.
Adeniyi urged Nigerians to be patient, noting that some already imported items would be cleared without duty and taxes. He emphasized the importance of balancing the long-term interests of Nigerian farmers with the short-term need to address food inflation.
“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 food inflation,” Adeniyi said. “The guidelines are being worked out at the Ministry of Finance, and within the next week, these guidelines will be ready. The Nigerian Customs will begin the implementation of these particular fiscal policies.”
He expressed hope that the suspension of duty and taxes on imported food items would help reduce food prices. “We believe that when this is implemented, it will help bring down the prices of food items in the market,” he added.
Adeniyi highlighted the government’s efforts to address hunger through various fiscal policies and strategic interventions, including the recent distribution of food items from the national grain reserves.
“The ongoing protest has been based on many themes, one of them being ending hunger,” Adeniyi said. “There has been a lot going on to address these issues through a mixture of fiscal policies and strategic interventions from ministries, departments, and agencies.”
He concluded by stressing that the suspension of customs duty and taxes is aimed at cushioning the effects of inflation on food prices, thereby providing some relief to Nigerian consumers.
