FG plans zero-duty on food imports to curb inflation
In a bold effort to tackle rising food prices and provide immediate relief from inflationary pressures, the Federal Government has proposed a temporary zero-duty levy on selected food imports. This was contained in a statement signed by the Director, Information and Public Relations of the finance ministry, Mohammed Manga. According to him, the initiative itself was announced by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, which is aimed at boosting food availability, reducing prices, and easing the financial burden on Nigerian citizens. Manga said Mr. Edun revealed the plan following a closed-door meeting with the Nigeria Customs Service Board in Abuja, where key stakeholders discussed strategies to address the nation’s food supply crisis. “The Minister emphasised that this temporary measure is critical in combating the ongoing surge in food costs, a major driver of inflation nationwide. “We have deliberated on how to collaborate effectively to make food more affordable and accessible in the short term,” Mr. Edun stated, highlighting the urgency of the situation. While the zero-duty proposal offers immediate relief, the Minister assured that President Bola Ahmed Tinubu’s administration is focused on long-term solutions.
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