- The suspension provides a 150-day period where duties, tariffs, and taxes are waived for the importation of essential food grains through land and sea borders.
- Imported food items will be subjected to a Recommended Retail Price (RRP) to maintain safety and quality for consumers.
- The government has also inaugurated the Renewed Hope National Livestock Transformation Implementation Committee to develop and implement livestock development policies, in line with the National Livestock Transformation Plan.
FG Suspends Taxes on Maize, Wheat, Rice, and Other Food Grains, Saving Farmers Millions
The Federal Government of Nigeria has suspended duties, tariffs, and taxes on essential food items imported through land and sea borders.
The suspension applies to maize, wheat, husked brown rice, and cowpeas, and offers a 150-day Duty-Free Import Window for these commodities.
The initiative, according to PUNCH, is part of the Presidential Accelerated Stabilization and Advancement Plan, which aims to ensure food security and economic stability in Nigeria.
The Minister of Agriculture and Food Security, Abubakar Kyari, made the announcement at the National Press Centre in Abuja.
He assured that the government’s decision aims to maintain high safety standards for the imported food items.
Under this arrangement, imported food commodities will be subjected to a Recommended Retail Price (RRP) to ensure the safety of the various food items for consumption.
In addition to the tax suspension, the Federal Government has inaugurated the Renewed Hope National Livestock Transformation Implementation Committee.
This committee will develop and implement policies that prioritize livestock development and align with the National Livestock Transformation Plan.
The Federal Government plans to import 250,000 metric tonnes each of wheat and maize.
These semi-processed food commodities will be directed to small-scale processors and millers across the country.
The suspension of taxes on essential food items is a welcome development, as it will help reduce the cost of living for Nigerians.
This move will also boost the country’s food security and economic stability. The government’s decision to subject imported food items to a Recommended Retail Price (RRP) will ensure that the imported food items are safe for consumption.
The Federal Government’s decision to suspend taxes on essential food items is a step in the right direction.
This move will help reduce the cost of living for Nigerians and boost the country’s food security and economic stability.