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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.
Lille secured a spot in the Champions League play-offs yesterday at the expense of José Mourinho’s Fenerbahce, thanks to a Jonathan David penalty in extra time that clinched a 3-2 aggregate victory in Istanbul. Fenerbahce lost the first leg 2-1 last week and looked to be going out until Bafode Diakite’s late own goal sent the match to extra time. Though Lille's substitute Aissa Mandi was sent off on his […]
