President Bola Tinubu has approved the implementation of a zero percent import duty and the exemption of Value-Added Tax (VAT) on basic food items.
This decision, which aims to alleviate the economic burden on Nigerians, particularly in light of rising food prices, was confirmed by the Ministry of Finance in a letter sent to the Nigeria Customs Service (NCS) on August 8, 2024.
The NCS has acknowledged this development and is set to begin the implementation of these measures. This move is part of the government's broader efforts to make essential food items more affordable for the public.
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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