The Federal Government might suspend the payment of import duties on staple food items, drugs, and other essential goods for an initial period of six months.
This significant policy adjustment is outlined in an Executive Order titled “Inflation Reduction and Price Stability The Federal Government is reportedly preparing to suspend the payment of import duties on staple food items, drugs, and other essential goods for an initial period of six months.
This significant policy adjustment is outlined in an Executive Order titled “Inflation Reduction and Price Stability (Fiscal Policy Measures) Order 2024,” which has yet to be signed by President Bola Tinubu but was expected to be signed in April.
According to a document obtained by Punch, the order proposes the temporary removal of import duties on key commodities, including fertilizers, poultry feed, flour, and grains.
The intent behind these measures is to lower the cost of these critical supplies, thereby reducing the overall cost of living and easing economic pressures on Nigerian consumers.
Moreover, the Executive Order is set to mandate the Ministry of Finance and the Central Bank of Nigeria (CBN) to collaborate on developing a strategy for providing low-interest loans to sectors vital for the country’s economy, such as agriculture, pharmaceuticals, and manufacturing.
The document read in part, “The import duty and other tariffs are to be suspended on the following for six months: Staple food items; Raw materials and other direct inputs used for manufacturing: Inputs for agriculture production including fertilisers, seedlings, and chemicals, Pharmaceutical products, Poultry feeds, flour and grains.”
The president is also likely to suspend the Value-Added Tax on Automotive Gas Oil, some basic food items and semi-processed staple food items such as noodles and pasta, raw-material inputs for the manufacture of food items, electricity and public transportation, agricultural inputs, produce, and pharmaceutical products for the rest of the year.
“Suspension of Specific Taxes and Levies: For six months, the order suspends various taxes and levies, such as road haulage tax and other transportation-related charges; fees on bicycles, trucks, canoes, wheelbarrows, and carts; business premises registration; taxes and levies on shops, kiosks, and markets; animal trade and produce sales tax.”
In its Accelerated Stabilisation and Advancement Plan report, the government is considering the importation of paddy rice into the country as well as maize.
The ASAP report recommended an executive order on the importation of paddy rice to millers to stem the growing tide of food inflation across the country.
The document also recommends the following: Import duty & VAT suspension on specified items, including importation of paddy rice by millers and import duty exchange rate peg(Fiscal Policy Measures) Order 2024,” which has yet to be signed by President Bola Tinubu but was expected to be signed in April.
According to a document obtained by Punch, the order proposes the temporary removal of import duties on key commodities, including fertilizers, poultry feed, flour, and grains.
The intent behind these measures is to lower the cost of these critical supplies, thereby reducing the overall cost of living and easing economic pressures on Nigerian consumers.
Moreover, the Executive Order is set to mandate the Ministry of Finance and the Central Bank of Nigeria (CBN) to collaborate on developing a strategy for providing low-interest loans to sectors vital for the country’s economy, such as agriculture, pharmaceuticals, and manufacturing.
The document read in part, “The import duty and other tariffs are to be suspended on the following for six months: Staple food items; Raw materials and other direct inputs used for manufacturing: Inputs for agriculture production including fertilisers, seedlings, and chemicals, Pharmaceutical products, Poultry feeds, flour and grains.”
The president is also likely to suspend the Value-Added Tax on Automotive Gas Oil, some basic food items and semi-processed staple food items such as noodles and pasta, raw-material inputs for the manufacture of food items, electricity and public transportation, agricultural inputs, produce, and pharmaceutical products for the rest of the year.
“Suspension of Specific Taxes and Levies: For six months, the order suspends various taxes and levies, such as road haulage tax and other transportation-related charges; fees on bicycles, trucks, canoes, wheelbarrows, and carts; business premises registration; taxes and levies on shops, kiosks, and markets; animal trade and produce sales tax.”
In its Accelerated Stabilisation and Advancement Plan report, the government is considering the importation of paddy rice into the country as well as maize.
The ASAP report recommended an executive order on the importation of paddy rice to millers to stem the growing tide of food inflation across the country.
The document also recommends the following: Import duty & VAT suspension on specified items, including importation of paddy rice by millers and import duty exchange rate peg
