Customs Duty Waiver Set to Slash Food Prices Nationwide
In a significant move to tackle the soaring food prices, the Nigeria Customs Service (NCS) has announced the implementation of duty waivers on imported consumables, following President Bola Tinubu’s directive.
Comptroller General Adewale Adeniyi confirmed on Tuesday that the initiative is slated to commence within the next week. During a joint press briefing with other security agencies in Abuja, Adeniyi detailed that the Ministry of Finance is finalizing the guidelines for the waiver. “Once these guidelines are complete, the Customs Service will immediately proceed with implementation,” he stated.
Adeniyi emphasized the government’s commitment to resolving the ongoing food inflation crisis. He highlighted that the duty waiver is a crucial part of a broader strategy to ease economic pressures. Alongside the waiver, the government plans to distribute food items from the national grain reserves to stabilize the food supply.
The Comptroller-General also stressed the need for a balanced approach in implementing the waiver, ensuring it supports consumers by reducing costs while considering the impact on local farmers. To achieve this, the NCS is working closely with the Ministry of Finance to ensure fair distribution of the waiver’s benefits among all stakeholders, including both farmers and consumers.
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