FG Introduces New Tariffs to Combat Food Inflation, Boost Agriculture

FG Introduces New Tariffs to Combat Food Inflation, Boost Agriculture

The Federal Government has announced the implementation of the Customs, Excise Tariff Variation Order 2024, a regulatory measure designed to enhance food security and curb inflation. This development was disclosed in a statement by Mr. Mohammed Manga, Director of Press and Public Relations at the Ministry of Finance, on Thursday in Abuja.

According to the statement, the regulation was signed by Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy. The new framework aims to provide a structured approach to implementing the Customs, Excise Tariffs Order 2024, focusing on easing the financial burden associated with food imports.

“In a bid to tackle food price inflation and stimulate domestic agricultural growth, the Federal Government has introduced the Regulation for implementation of the Customs, Excise Tariff, Etc. Variation Order 2024,” Edun stated.

The minister explained that the regulation seeks to reduce food price inflation by waiving levies, duties, value-added taxes, and tariffs on the importation of essential food items. He emphasized that these measures would lead to a substantial decrease in food prices, attract more investments in the agricultural sector, and ultimately strengthen the nation’s food security.

Mr. Edun further affirmed the government’s commitment to fostering economic growth by creating an enabling environment. He encouraged eligible companies to leverage this opportunity to contribute to the nation’s food security and overall economic development.