In a significant policy shift aimed at alleviating the cost of living, President Bola Tinubu has approved the removal of import duties and value-added tax (VAT) on essential food items. This move is intended to make basic food products more affordable for Nigerians amid rising living costs......See Full Story>>.....See Full Story>>
The decision was formalized through a letter from the Ministry of Finance, which was sent to the Nigeria Customs Service (NCS) and outlines the new policy’s immediate implementation. The waiver applies a zero percent import duty on essential food items and exempts them from VAT, effectively reducing the cost burden on both importers and consumers.
The implementation of this policy is expected to lower the prices of essential foodstuffs by removing additional costs associated with their importation. This measure comes as part of the government’s broader strategy to address food inflation and enhance food security across the country.
The Ministry of Finance’s directive mandates that the Nigeria Customs Service adjust its processes to reflect these changes immediately. This includes updating tariffs and tax codes to ensure that the benefits of the import duty and VAT exemptions are passed on to consumers.
President Tinubu’s approval of this policy underscores his administration’s commitment to tackling economic challenges and improving the affordability of daily necessities for Nigerians. The move is anticipated to provide immediate relief to households and could potentially stabilize food prices in the short term.
Further updates and details on the policy’s impact will be communicated as the implementation progresses.