The Federal Government on Tuesday said the temporary suspension of duties and taxes on imported food items would crash prices of food items will begins next week.
This follows the federal government’s approval in July of a 150-day duty-free window to facilitate the importation of maize, husked brown rice, and wheat as part of measures to address the escalating food inflation in the country.
The initiative was based on the implementation of the Presidential Accelerated and Stabilisation Advancement Plan.
Bashir Adeniyi, the Comptroller-General of Customs, declared this at the meeting of heads of security agencies in Abuja on Tuesday, saying the implementation of the policy would commence once the guidelines are ready.
He explained that the delay experienced in the implementation of the policy was to ensure that the interests of all the stakeholders, including farmers, were considered.
The Customs boss called on Nigerians to be patient, stating that some of the imported items already in the country would be cleared without duty and taxes.
Adeniyi said, “There is the issue of striking a balance between the long-term interests of Nigerian farmers and stakeholders who are involved in the production of these items, and the short-term interest of food inflation.
“So 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 particular fiscal policies. So I urge Nigerians to be a little bit patient, believing that some of these items that have already arrived at our shores will be cleared without the imposition of Customs duty and taxes.”
Adeniyi expressed hope that the suspension of duty and taxes on imported food items over some time would help reduce food prices.
He said the service was dedicated to implementing the policy as outlined by the government
“We believe that when this is implemented it will help to bring down the prices of food items in the market. The Nigerian Customs is committed to the implementation of this particular fiscal policy as enunciated by the government.
“What does this kind of intervention imply for the local markets? Because we are trying to address the interests of all stakeholders. Those (crops) that are going to enjoy these duty waivers and concessions are also being cultivated by Nigerian farmers.”
Adeniyi noted that since the protests were anchored on ending hunger, the government had been making efforts to reduced hunger.
He said, “The ongoing protest has been based on many themes and one of them is ending hunger.”
I’d like to let Nigerians know that there has been a lot going on to address these issues that are related to this situation through a mixture of fiscal policies of the government and the number of strategic interventions from ministries, departments, and agencies.
“One of the things that I recall is the intervention through the distribution of strategic food items which was released from the national grain reserves about a month ago. This was released to all states of the federation. We also recall that a number of the food items that are consumed in Nigeria are imported. A better part of the components are imported, and importation is not done on the shelf.
“It takes some time before they are done. So one of the things that the President has done is to cushion the effect of the cost inflation by suspending customs duty and taxes on imported food items for some time.”
