Waiving import duties and taxes on essential items lowers their costs, making them more affordable for consumers.
This helps reduce the financial burden on households.
The good news is that the Federal Government has announced that it will start the guidelines for suspending customs duties and taxes on imported food items next week.
In July, the government approved a 150-day duty-free period to allow imports of maize, husked brown rice, and wheat to combat food inflation.
The government implemented this measure as part of the Presidential Accelerated and Stabilisation Advancement Plan to address rising food costs.
At a security agencies’ meeting in Abuja, Customs Comptroller-General, Bashir Adeniyi, said he would begin the policy implementation once the guidelines were completed.
Adeniyi explained that delays occurred to ensure that stakeholders, including farmers, could have their interests considered.
Benefits Of Import Duty Waiver
He urged Nigerians to be patient, stating that officials would clear some imported items without duties or taxes.
Adeniyi said: “We need to balance the long-term interests of Nigerian farmers and stakeholders involved in production with short-term food inflation concerns.
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“The Ministry of Finance is working on the guidelines, and I assure you they will be ready next week”.
He also expressed hope that suspending duties and taxes would help lower food prices and confirmed Customs’ commitment to the policy.
Adeniyi emphasised that the intervention aims to address all stakeholders’ interests, including local farmers who cultivate the same crops.
He also highlighted ongoing efforts to combat hunger, mentioning that these include fiscal policies and strategic interventions from various government bodies.
“There has been significant action to address hunger through fiscal policies and strategic interventions from multiple departments.
“The President’s decision to suspend customs duties and taxes aims to alleviate the impact of food cost inflation,” he added.
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