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FG releases duty waiver guidelines on maize, wheat, millet others

The Nigerian Federal Government, through the Nigeria Customs Service, is implementing a zero import duty policy on maize, husked brown rice, grain beans, wheat, and millet from July 15 to December 31, 2024. This policy aims to reduce food prices and ease inflation. The Finance Ministry’s new guidelines follow President Bola Tinubu’s approval. The measure will make essential food items more affordable and address the national supply gap, as per the Finance Minister’s directive.

THE Federal Government, through the Nigeria Customs Service (NCS), is set to commence implementation of the zero import duty on select food items comprising maize, grain, millet, and wheat into the country.

As a result, the Federal Ministry of Finance has approved new guidelines for the implementation of its policy on the total removal of import duties and value-added tax (VAT) on select food items.

The food items to be exempted include maize, husked brown rice, grain beans, wheat, and millet.

The import waiver was to mitigate the high cost of food items in the Nigerian market by making essential commodities more affordable to citizens

The policy is effective from July 15, 2024, and will remain in force until December 31, 2024, the government said.

In a circular issued on Wednesday, August 14, the Customs informed that the Federal  Ministry of Finance had issued a letter, telling the agency that President Bola Tinubu has approved the implementation.

According to the circular signed by  NCS deputy comptroller-general, C.K. Niagwan, the service said the food commodities include maize, husked brown rice, wheat, grain beans, and millet.

Recall, that the federal government announced on July 10 the suspension of duties, tariffs, and taxes on the importation of food staples through land and sea borders to reduce inflation.

On August 7, the NCS said the duty waiver on imported foods would be implemented within the next week.

In the letter, Wale Edun, the minister of finance, said the “measure which is geared towards ameliorating the high cost of food items in the Nigerian market shall be limited to the national supply gap to be determined by a committee set up by the Minister”.

Source Link : https://www.icirnigeria.org/fg-releases-import-duty-waiver-guidelines-on-maize-wheatothers/

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