The Federal Government has announced a significant policy change to help alleviate the high cost of essential food items. They have decided to suspend taxes, duties, and tariffs on several key food commodities imported through land and sea borders. This announcement was made by the Minister of Agriculture and Food Security, Abubakar Kyari, during a press briefing at the National Press Centre in Abuja on Monday.
Kyari explained that this tax suspension would apply to important food items such as maize, wheat, husked brown rice, and cowpeas. These items will benefit from a 150-day Duty-Free Import Window, which means they can be imported without the usual taxes and tariffs for this period. This move is part of the Presidential Accelerated Stabilization and Advancement Plan, aimed at ensuring food security and economic stability in the country.
The minister emphasized that the government has been working relentlessly to tackle the food inflation crisis, which has led to unprecedented price increases. By suspending taxes, the government hopes to make these essential food items more affordable for all Nigerians. Kyari assured the public that the government is committed to ensuring that no Nigerian goes to bed hungry and that food security remains a top priority.
He stated, “The Federal Government has announced a 150-day Duty-Free Import Window for Food Commodities, involving the suspension of duties, tariffs, and taxes for importing certain food commodities through land and sea borders. These commodities include maize, husked brown rice, wheat, and cowpeas.”
Under this new policy, the imported food items will also be subjected to a Recommended Retail Price (RRP) to ensure they are sold at fair prices. The government is dedicated to maintaining high standards for food safety and quality, despite the tax suspensions.
Additionally, Kyari revealed that the Federal Government plans to import 250,000 metric tons of wheat and 250,000 metric tons of maize. These imported commodities, in their semi-processed state, will be distributed to small-scale processors and millers across the country. This is expected to boost local production and support small businesses.
To further support agricultural development, the government has inaugurated the Renewed Hope National Livestock Transformation Implementation Committee. This committee will develop and implement policies that prioritize livestock development and align with the National Livestock Transformation Plan.
The suspension of taxes on essential food items is a strategic move by the Federal Government to combat food inflation and ensure that basic food commodities are accessible and affordable for all Nigerians. The government’s commitment to food security and economic stability remains unwavering as they continue to implement measures to support both consumers and local producers.