T he Federal Government announced on Tuesday that the guidelines for suspending customs duty and taxes on imported food items would commence next week. This move is part of measures to combat rising food inflation across the country.
In July, the Federal Government approved a 150-day duty-free window for the importation of maize, husked brown rice, and wheat under the Presidential Accelerated and Stabilization Advancement Plan.
Speaking at a meeting of heads of security agencies in Abuja, Comptroller-General of Customs, Bashir Adeniyi, stated that the implementation of the policy would begin once the guidelines are finalized. He explained that the delay in implementation was to ensure the interests of all stakeholders, including farmers, were considered.
Adeniyi urged Nigerians to be patient, assuring that some imported items already in the country would be cleared without duty and taxes. He 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 would help reduce food prices, stating that the Customs service is dedicated to implementing the policy as outlined by the government. He said, “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.”
He emphasized the need to balance the interests of all stakeholders, including Nigerian farmers cultivating these crops, and noted that since the protests were focused on ending hunger, the government had been making efforts to address this issue.
Adeniyi 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.”
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