Import duty waiver on rice, others begins next week – FG

- Advertisement -

The guidelines for the suspension of customs duty and taxes on imported food items are to commence next week, the Federal Government announced on Tuesday.

In July the Federal Government approved a 150-day duty-free window to allow the importation of maize, husked brown rice, and wheat as part of measures to combat rising food inflation across the country.

- Advertisement -

The initiative was based on the implementation of the Presidential Accelerated and Stabilisation Advancement Plan.

REÂD ALSO:  President Tinubu Makes Fresh Appointments (Full List)

Speaking at a meeting of heads of security agencies in Abuja on Tuesday, the Comptroller-General of Customs, Bashir Adeniyi, said the implementation of the policy would commence once the guidelines are ready.

-Advertisement-

He explained that the delay experienced in the implementation of the policy was to ensure that the interests of all the stakeholders, including farmers, were considered.

The Customs boss urged Nigerians to be patient, adding that some of the imported items already in the country would be cleared without duty and taxes.

Adeniyi 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 over some time would help reduce food prices.