FG suspends import duties on essential food items to address inflation

The federal government has suspended import duties on essential food items to tame inflation and tackle the country’s rising food insecurity.

Adewale Adeniyi, the comptroller-general of the Nigeria Customs Service in a public address on Monday acknowledged the widespread economic challenges and outlined the federal government’s commitment to easing the financial burden on its citizens.

He acknowledged that global inflation is impacting nations worldwide, including Nigeria, noting that to address this, the federal government, through the Nigeria Customs Service, is suspending import duties and taxes on essential food items to make them more affordable.

Adeniyi also stated that the Nigeria Customs Service has streamlined export processes to facilitate the efficient movement of Nigerian goods to international markets.

“This initiative includes the introduction of advanced ruling systems, authorised economic operators, and a time-release study designed to enhance trade, stimulate the economy, and create new opportunities,” he said.

Read also: Rice palliatives: Does it really help the poor?

Adeniyi emphasised that these reforms will provide farmers, artisans, and entrepreneurs with a faster path to global markets, thereby benefiting their families and communities.

“We are committed to implementing this measure seamlessly to address the problem of hunger in our nation,” he added.

He said in addition to economic measures, the Nigeria Customs Service is intensifying its efforts to combat the proliferation of arms and dangerous weapons through the country’s land, sea, and airports.

Adeniyi stressed the importance of collective efforts and peaceful progress to strengthen the country’s borders.

He warned that the destruction of the supply chain affects foreign investment, distorts trade, promotes instability, increases scarcity, and hinders revenue collection.

Recall some Nigerians have planned to protest on August 1, against what they called ‘bad governance’ to demonstrate against the prevalent economic hardship and hunger in the country.