FG To Crash Food Prices With Massive Importation Of Wheat, Maize
Nigeria’s Minister of Agriculture, Abubakar Kyari, promises food prices will crash within six months. The government has removed import taxes on food items like rice, wheat, and maize, and will import large quantities of these items. A “Recommended Retail Price” will be set for imported food. The government will import 250,000 metric tons of wheat and maize, supporting small-scale processors and millers. The plan aims to address high food prices, support smallholder farmers, and restock the National Strategic Food Reserve.
Minister of Agriculture Abubakar Kyari has promised that prices of food item will crash within six months.
The Minister made the remark on his verified X handle on Wednesday, saying the federal government has put all necessary plan in motion to ensure that this happened.
Recall that the Bola Ahmed Tinubu administration has directed that import tax on food items such as rice, Wheat, millet, cowpeas amongst other be removed immediately.
The government has also set in motion the plan to import some food items in large quantities, including wheat and maize, the minister said.
Kyari said the federal government will now subject the prices of specific food items that will be imported to a “Recommended Retail Price (RRP).”
Kyari said, “Our administration has unveiled a series of strategic measures aimed at addressing the high food prices currently affecting our nation. These measures will be implemented over the next 180 days;
“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.
“Imported food commodities will be subjected to a Recommended Retail Price (RRP). We understand concerns about the quality of these imports, especially regarding their genetic composition. The government assures that all standards will be maintained to ensure the safety and quality of food items for consumption.
“The Federal Government will import 250,000 metric tons of wheat and 250,000 metric tons of maize. These semi-processed commodities will be supplied to small-scale processors and millers across the country.
“Engagement with relevant stakeholders to set a GMP and purchase surplus food commodities to restock the National Strategic Food Reserve.
“Ramp-Up of Production for the 2024/2025 Farming Cycle
“Continued support to smallholder farmers during the ongoing wet season farming through existing government initiatives; Strengthening and accelerating dry season farming nationwide,” the minister said.
Source Link : https://thesourceng.com/fg-to-crash-prices-of-food-with-massive-importation-of-wheat-maize/
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