President Bola Tinubu has approved the implementation of zero percent import duty on basic food items .
The approved implementation also includes the exemption of value-added tax (VAT) on basic food items . The duty-free importation of major food items like Maize, Husked Brown Rice, Wheat, and Cowpeas through land and sea borders has been approved .
The Nigeria Customs Service (NCS) has also begun the implementation of the zero percent import duty and exemption of VAT on basic food items .
This move is intended to make basic food products more affordable for Nigerians amid rising living costs .
An import duty waiver on food items means that the government has temporarily or permanently suspended the collection of import duties (taxes) on certain food items.
what it entails:
No Import Duties : The government will not collect import duties on specified food items, making them cheaper to import.
Reduced Costs : With no import duties, the cost of importing food items decreases, which can lead to lower prices for consumers.
Increased Affordability : By making food items more affordable, the government aims to reduce the burden of high food prices on citizens, especially during times of economic hardship.
Economic Relief : The waiver provides economic relief to citizens, helping to mitigate the effects of inflation, food shortages, or other economic challenges.
Temporary or Permanent : The waiver can be either temporary (for a specific period) or permanent, depending on the government's decision.
In the context of President Tinubu's approval, the import duty waiver on food items aims to make essential food products more affordable for Nigerians, helping to alleviate the impact of rising living costs.