Tinubu To Suspend Import Duties On Staple food Items, Others…

As part of measures to reduce inflation, the Federal Government is planning a six-month suspension of import duties on staple food items, drugs, and other essential items. 

This was contained in an executive order issued by the president.

GWG.ng reports that the document did not include the signature of the President though Nairametrics verified the source. 

The document also revealed plans to waive levies on fertilizers, poultry feed, flour, and grains. 

GWG.ng understands that the Inflation Reduction and Price Stability Order, as outlined in the document, will mandate the Ministry of Finance and the Central Bank of Nigeria to devise a plan for offering low-interest loans to the agriculture, pharmaceutical, and manufacturing sectors. 

The import duty and other tariffs are to be suspended on the following for six months: 

Staple food items:

Raw materials and other direct inputs used for manufacturing: Inputs for agriculture production including fertilisers, seedlings, and chemicals  

Pharmaceutical products:

Poultry feeds, flour and grains” the document said.  

The president is also likely to suspend value-added tax (VAT) on automotive gas oil, some basic food items and semi-processed staple food items such as noodles and pasta, raw-material inputs for the manufacture of food items, electricity and public transportation, as well as agricultural inputs and produce and pharmaceutical products for the rest of the year. 

Gwg.ng notes that the proposed plan by the federal government conflicts with earlier statements by President Tinubu on food imports earlier this year. 

The President in an address to State Chairpersons of his All Progressive Congress (APC) had stated that his administration will not continue food imports hoping to turn the present challenge into an opportunity for the future. 

(Nairametrics) 

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