Food prices expected to fall as FG suspends taxes on imported food items

The Federal Government has suspended taxes, duties, and tariffs on some food items imported through land and sea borders.

Abubakar Kyari, the Minister of Agriculture announced this development at the National Press Centre, Abuja, during a press briefing on Tuesday, July 8, 2024.

Some of the essential food items include maize, wheat, husked brown rice, and cowpeas.

According to the minister, these food items will enjoy a 150-day duty-free import window.

Kyari said the government has been working tirelessly to address the food inflation crisis in the country.

He assured that President Bola Tinubu-led government is committed to achieving food security and ensuring that no Nigerian goes to bed hungry.

What the minister said:

“The Federal Government has announced a 150-day Duty-Free Import Window for Food Commodities, suspension of duties, tariffs and taxes for the importation of certain food commodities (through land and sea borders). These commodities include maize, husked brown rice, wheat, and cowpeas.

“Under this arrangement, imported food commodities will be subjected to a Recommended Retail Price (RRP).

“I am glad to reiterate that the Government’s position exemplifies standards that would not compromise the safety of the various food items for consumption.

“In addition to the importation by the private sector, the Federal Government will import 250,000MT of wheat and 250,000MT of maize. The imported food commodities in their semi-processed state will target supplies to the small-scale processors and millers across the country.”

Kyari further disclosed the federal government has also inaugurated the Renewed Hope National Livestock Transformation Implementation Committee.

The committee was set up to develop and implement policies that prioritise livestock development in the country.