The Nigeria Customs Service (NCS) is set to begin the implementation of the zero per cent import duty and exemption of Value-Added Tax (VAT) on basic food items.
This follows President Bola Tinubu’s approval.
The Ministry of Finance confirmed the approval in a letter to the Nigeria Customs Service dated August 8, 2024. The Nigeria Customs Service also confirmed the development in a document shared with one of our correspondents on Wednesday.
Responding, the Comptroller-General of the NCS, Bashir Adeniyi, instructed officials of the service to commence enforcement measures.
In the circular titled, “Approval for the implementation of zero per cent duty rate on basic food items”, the NCS said the Ministry of Finance sent a letter to the service, informing the agency that Tinubu has approved the implementation.
The letter dated August 14, 2024, and signed by the Deputy Comptroller-General, C.K Niagwan, noted that the food commodities include maize, husked brown rice, wheat, grain beans, and millet.
She stated that the policy is restricted to the items listed and is effective from July 15 to December 31, 2024.
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