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The Federal Government has announced that the suspension of customs duty and taxes on imported food items will commence next week. This measure, part of the Presidential Accelerated and Stabilisation Advancement Plan, aims to tackle the escalating food inflation across the nation.        

In July, the government approved a 150-day duty-free window for the importation of maize, husked brown rice, and wheat. This initiative is expected to ease the pressure on food prices and make essential staples more affordable.

At a meeting of heads of security agencies in Abuja on Tuesday, the Comptroller-General of Customs, Bashir Adeniyi, confirmed the forthcoming implementation of this policy. He emphasized that the delay in rolling out the guidelines was necessary to ensure that the interests of all stakeholders, including local farmers, were taken into account.

Adeniyi appealed for public patience, assuring that some imported food items already in the country would soon be cleared without duty and taxes.

“There is the issue of striking a balance between the long-term interests of Nigerian farmers and stakeholders involved in the production of these items, and the short-term interest of addressing food inflation,” Adeniyi explained. “The guidelines are being finalised at the Ministry of Finance and will be ready within the next week. The Nigerian Customs will then begin implementing these fiscal policies. I urge Nigerians to be patient, as items that have already arrived will soon be cleared without customs duty and taxes.”

Adeniyi expressed optimism that suspending duty and taxes on imported food items would help reduce food prices. He reaffirmed the service’s dedication to implementing the government’s policy.

“We believe that this intervention will help bring down food prices in the market,” he said. “The Nigerian Customs is committed to implementing this fiscal policy as outlined by the government. We are addressing the interests of all stakeholders, including Nigerian farmers cultivating the same crops that will benefit from these duty waivers and concessions.”

Adeniyi also noted that the recent protests, driven by the call to end hunger, had prompted the government to intensify efforts to combat food scarcity.

“The ongoing protest has focused on ending hunger,” he said. “The government has been working to address these issues through a combination of fiscal policies and strategic interventions from various ministries, departments, and agencies.”

He highlighted recent measures, including the distribution of strategic food items from the national grain reserves to all states about a month ago. Adeniyi acknowledged that many food items consumed in Nigeria are imported, and the importation process is time-consuming.

“One of the President’s measures to cushion the impact of cost inflation has been to suspend customs duty and taxes on imported food items temporarily,” he said.

The suspension of customs duties and taxes is seen as a critical step towards stabilising food prices and providing relief to consumers amid rising inflation. The government’s efforts to balance the interests of local farmers and the immediate need to curb food prices reflect a comprehensive approach to addressing the nation’s food security challenges.