To ease inflation, FG proposes temporary Zero-Duty on food imports

The Federal Government has proposed a temporary zero-duty levy on selected food imports to combat soaring food prices and alleviate the burden of inflation on Nigerians.

This strategic initiative announced by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun is aimed at increasing food availability, reducing prices as well as provide immediate relief to citizens.
Director of Information and Public Relations, Mohammed Manga in a statement on Wednesday quoted the minister to have made the disclosure shortly after chairing the closed-door session of a pivotal meeting with the Nigeria Customs Service Board in Abuja.
Edun indicated that the measure is designed to alleviate the current food shortage and reduce soaring food prices, which have been contributors to inflation across the country.
“We discussed how to collaborate effectively to make food more affordable and accessible in the short term,” the Minister explained.
He assured that while this initiative offers immediate relief, President Bola Ahmed Tinubu remains focused on long-term solutions, particularly boosting domestic food production.

The Minister highlighted ongoing efforts by government to increase the availability of essential farming inputs, such as fertilizer and seeds, particularly for small-scale farmers, which is expected to enhance local food production and ensure availability in the long run.

In addition to the zero-duty measure, the Minister commended the Nigeria Customs Service Board for its regular meetings to review the Agency’s financial performance and operational activities.
He praised the Comptroller General of the Nigeria Customs Service, Mr Bashir Adewale Adeniyi
and the Top Management of the Service for upholding the core values of Transparency, Integrity, and Merit, noting that these values are essential for effective governance and operations of the Service.

The Minister reaffirmed the President Tinubu-led administration’s commitment to tackling both short-term and long-term food security challenges while continuing to work closely with the Nigeria Customs Service and other relevant stakeholders to ensure smooth implementation of key policies of the Federal Government that have direct impact on the lives of millions of Nigerians.
The statement explained that with the bold move, the Federal Government under President Tinubu’s leadership has demonstrated its unwavering commitment to addressing the pressing concerns of Nigerians.

Thus, by implementing a temporary zero-duty on food imports and working tirelessly to boost home grown produce, the administration is taking comprehensive steps to ensure food security, reduce inflation, and promote economic growth thereby improving the lives of the citizenry in line with the Renewed Hope Agenda of the present administration