· Confirms Suspension Of Taxes, Import Duties, VAT On Importation Of Food Commodities
Nigerians who have been crumbling under the weight of soaring food costs may soon breathe a sigh of relief if the words of the Federal Government are anything to go by.
Minister of Agriculture, Abubakar Kyari on Wednesday gave an assurance that the policies being adopted by the Federal Government will lead to a drastic reduction in the prices of basic food items, whose prices have increased.
He made this known while officially confirming that the President Bola Tinubu’s-led administration has suspended duties, tariffs and taxes for the importation of major food items like beans, wheat and husked brown rice.
Mr Kyari, in a statement he shared on his X account, said the government has suspended “duties, tariffs, and taxes for the importation of certain food commodities through land and sea borders. These commodities include maize, husked brown rice, wheat, and cowpeas.”
This is coming about 48 hours after a presidential spokesperson, Bayo Onanuga, shared a similar statement but later deleted it.
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In his statement, Mr Kyari said the imported food “will be subjected to a Recommended Retail Price (RRP).”
With this, the minister explained that the government hopes that the new food import policy will lead to a drastic reduction in the prices of basic food items, whose prices have increased astronomically since President Bola Tinubu removed subsidies on petrol and floated the naira to allow the value of the Nigerian currency to be determined by market forces.
Mr Kyari also said the federal government will massively import some food items in addition to allowing the duty-free importation of food.
“The Federal Government will import 250,000 metric tons of wheat and 250,000 metric tons of maize. These semi-processed commodities will be supplied to small-scale processors and millers across the country,” he said.
This implies that the government is planning to import maize and wheat equivalent to approximately 2.5 million bags (100kg) of each commodity to ameliorate the shortages in the country and force down the prices in the market.
He listed other strategic measures to be embarked upon in the coming months to also include, a continued support to smallholder farmers during the ongoing wet season farming through existing government initiatives, strengthening and accelerating dry season farming nationwide.
Other measures involve embarking on aggressive agricultural mechanisation to reduce drudgery, lower production costs, and boost productivity, as well as collaborating with sub-national entities to identify irrigable lands and increase land under cultivation among others.
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Mr Kyari explained that a “Renewed Hope National Livestock Transformation Implementation Committee” has been inaugurated to develop and implement policies prioritising livestock development in alignment with the National Livestock Transformation Plan, and a ministry of Livestock Development has been created.
The minister said over the next 14 days, in close collaboration with the Presidential Food Systems Coordinating Unit (PFSCU) and the Economic Management Team (EMT), they will convene with respective agencies to finalise the implementation frameworks and ensure that the information is publicly available to facilitate the participation of all relevant stakeholders across the country.
“The success of these measures hinges on the cooperation and collaboration of all relevant MDAs and stakeholders,” Mr Kyari added.
“My team and I will work swiftly and diligently to actualize these crucial policies, ensuring food security for everyone in the immediate term while continuing our strategies for long-term interventions to address underlying causes and ensure sustainable and resilient food systems in Nigeria.”
