Tinubu govt begins food import duty suspension to bring down prices – Customs Service

The Nigerian Customs Service (NCS) has commenced the implementation of President Bola Ahmed Tinubu’s plan to suspend the collection of import duties on basic food items in a bid to reduce the prices of food items in the market.

Comptroller General of Customs Bashir Adewale Adeniyi disclosed this in a statement issued on Monday.

He also noted that the country has implemented procedures to streamline export processes.

“Global inflation is affecting nations across the world, including Nigeria. To address this, the Federal Government through the Nigerian Customs Service is suspending import duties and taxes on essential food items to make them more affordable for citizens.

“We have streamlined our export processes to ensure that Nigerian goods reach international markets efficiently.

“We have introduced tools such as Advance Ruling Systems, Authorised Economic Operators (AEOs) and Timely Release Surveys to increase trade, stimulate the economy and create opportunities.

“Our farmers, entrepreneurs and artisans will now have a faster route to global markets, which will benefit their families and communities,” CGC Adeniyi said.

Adeniyi added: “We are also cooperating with other security agencies and intensifying efforts to combat the influx of arms and dangerous weapons through our land, sea and air borders.”

Recall that the government had earlier announced the planned introduction of a 150-day import duty waiver on basic food items in a bid to curb the rise in food prices in Nigeria.

The development comes after Nigeria’s food price inflation rose to 40.87 per cent in June 2024.