FG Suspends Taxes On Rice, Yam, Other Food Items

As part of measures to combat rising food inflation in the country, the federal government has approved a 150-day duty-free importation of some essential food items, including maize, husked brown rice and wheat.

According to the Minister of Agriculture and Food Security, Senator Abubakar Kyari, who briefed newsmen in Abuja on Monday, the government is suspending duties, tariffs, and taxes on these imports through both land and sea borders.

He explained that the initiative is part of the implementation of the Presidential Accelerated and Stabilisation Advancement Plan (ASAP) to tackle and hopefully bring down the high cost of food items which have made life unbearable for Nigerians.

Senator Kyari, who also addressed concerns about the quality and genetic composition of the imported foods, said the government would not relent in its efforts at upholding safety standards in the overall interest of Nigerians.

Speaking specifically on the development meant to address biting hardship due to high cost of food items nationwide, 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.”

NACCIMA Applauds Decision
In its reaction to the government’s initiative, the National President of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Dele Oye, hailed the suspension of duties, tariffs, and taxes on the importation of key food commodities.

Oye said the decision represented a significant step towards mitigating the severe food inflation currently impacting Nigerian households.

While applauding the 150-day duty-free import window for essential items such as maize, husked brown rice, wheat, and cowpeas, he said the move was commendable and would stabilize food prices and provide much-needed relief to millions of Nigerians.

A statement by the NACCIMA President read this; “On behalf of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, (NACCIMA), we commend the federal government’s decisive action to suspend duties, tariffs, and taxes on the importation of key food commodities.

“This initiative represents a significant step towards mitigating the severe food inflation currently impacting Nigerian households.

“The 150-day duty-free import window for essential items such as maize, husked brown rice, wheat, and cowpeas is a commendable move that will likely stabilize food prices and provide much-needed relief to millions of Nigerians.

“By addressing the multiple factors contributing to rising food prices, including infrastructural challenges and market profiteering, this policy demonstrates a comprehensive approach to ensuring food affordability.”