President Bola Tinubu has approved the implementation of zero percent import duty and exemption of value-added tax (VAT) on basic food items.
This is according to a letter from the Ministry of Finance to the Nigeria Customs Service seen by BusinessDay.
“This is to confirm that His Excellency, Mr. President has approved the implementation of Zero percent duty rate (0 percent) and Value Added Tax (VAT) exemption on the under-listed basic food items with effect from 15th July, 2024 until the 31st day of December 2024,” the letter read.
The policy is restricted to the items listed in the letter such as maize, millet, rice, wheat , among others, and it is effective from July 15 until December 31 2024.
The letter said this measure is geared towards ameliorating the high cost of food items in the Nigerian market and shall be limited to the national supply gap to be determined by a committee set up by the Minister.
“The importation of these items shall also be limited to investors with milling capacity and verifiable Backward Integration Program for some of the items listed,” the ministry noted.
Other items listed include husked brown rice, grain sorghum, and beans. These items had duty rate levy ranging from 30 percent – 5 percent.
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