Tinubu Commences Suspension Of Food Import Duty To Crash Prices
The Nigerian Customs Service, NCS has commenced implementation of President Bola Ahmed Tinubu’s plan to suspend import duty collection on essential food items to reduce the prices of food items in the market.
The Comptroller General of Customs, Bashir Adewale Adeniyi disclosed this in a recent statement on Monday.
He also noted that the country has put processes in motion to streamline export processes.
“The global inflation is impacting nations worldwide, including Nigeria. To address this, the Federal Government through the Nigeria Customs Service is suspending import duties and taxes on essential food items to make them more affordable for the citizens.
“We have streamlined export processes to make sure Nigerian goods reach international markets efficiently.
“We have introduced tools like Advance Ruling Systems, Authorised Economic Operators (AEOs), and Time Release Studies to enhance trade, stimulate the economy and create opportunities.
“Our farmers, entrepreneurs and artisans will now have a faster path to global markets, benefitting their families and communities,” CGC Adeniyi said.
Adeniyi further added, “We are also collaborating with other security agencies and intensifying efforts to combat the influx of arms and dangerous weapons through our land borders, sea and airports.”
Recall that the government had earlier announced the planned implementation of a 150-day zero import duty waiver for staple food items to crash rising prices of food items in Nigeria.
The development comes as Nigeria’s food inflation increased to 40.87 percent in June 2024.
