In a bid to address the rising cost of food items in the country, the Federal Government has announced plans to suspend duties, tariffs, and taxes on the importation of essential food items, including rice, wheat, beans, and maize. This decision was made known by a source in the government, who stated that the move is aimed at bringing down the cost of food items, which have skyrocketed in recent months.
The source explained that the government recognizes the hardship caused by the high cost of food items and is committed to bringing relief to Nigerians. The decision to suspend duties, tariffs, and taxes on essential food items is expected to have a positive impact on inflation, which has been a major concern for the government.
The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) and the Centre for Promotion of Private Enterprises (CPPE) have hailed the government’s decision, stating that it will help to stabilize food prices and provide relief to millions of Nigerians.
The government’s decision has also received mixed reactions from stakeholders in the agricultural sector, with some expressing concern about the potential impact on local farmers. However, the government has assured that it will engage with stakeholders to ensure that the policy is implemented in a way that benefits both the economy and the agricultural sector.
The duty-free importation of essential food items is expected to last for 150 days, and the government has also announced plans to import 250,000 metric tons of wheat and 250,000 metric tons of maize to help stabilize food prices. The government has also assured that it will continue to support local farmers through existing initiatives and programs.
Overall, the government’s decision to suspend duties, tariffs, and taxes on essential food items is seen as a positive step towards addressing the rising cost of food items in the country, and it is expected to bring relief to millions of Nigerians who have been affected by the high cost of food.
