PRESIDENCY APPROVES IMPLEMENTATION OF IMPORT DUTY WAIVER ON FOOD ITEMS.

President Bola Tinubu has approved the implementation of a Zero Percent Duty Rate, and Value Added Tax, VAT, exemption on selected basic food items.

 Spokesperson of Nigeria Customs Service NCS, Abdullahi Maiwada in a statement yesterday, said the presidential approval was communicated through the Minister of Finance and the Coordinating Minister of the Economy, Olawale Edun.

 The Customs spokesman, remarked that the policy which took effect from 15th July 2024 will remain in force until 31st December 2024, and further listed basic food items eligible for the zero percent duty rate to include, husked brown rice, grain sorghum, millet, Maize, Wheat and Beans.

 He emphasized that while temporary measures are intended to address current hardship faced by Nigerians due to high prices of essential food, it does not undermine the long-term strategies established to safeguard local farmers and protect manufacturers.