FG moves to tackle inflation, proposes zero-duty on food imports

FG moves to tackle inflation, proposes zero-duty on food imports

In a decisive move to combat soaring food prices and alleviate the burden of inflation on Nigerians, the Federal Government has proposed a temporary zero-duty levy on selected food imports. This strategic initiative announced by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun aims to increase food availability, reduce prices as well as provide immediate relief to citizens.

The Honourable Minister disclosed this shortly after chairing the closed-door session of a pivotal meeting with the Nigeria Customs Service Board in Abuja.

HM Edun stated that the measure is designed to alleviate the current food shortage and reduce soaring food prices, which have been a major contributor 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.

With this bold move, the Federal Government under President Tinubu’s leadership demonstrates 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

Signed

Mohammed Manga FCAI

Director, Information and Public Relations

September 10, 2024