Comptroller-General of Nigeria Customs Services, Bashir Adeniyi has confirmed the suspension of custom duties as directed by the President, promising a drastic reduction in prices of food items soon.
Recall that President Bola Tinubu signed an executive order to suspend import duties and value-added tax on essential medical supplies imported into the country.
Adeniyi stated this at Defence Headquarters, Abuja, on Tuesday, after a closed-door strategic meeting convened by the Chief of Defence Staff, Gen. Christopher Musa.
Adeniyi disclosed that some of the imported food items are already in the country, and they would be cleared without duties and taxes so as to have price reduction on them.
He said, “The protest was premised on a number of things, one of them being to end hunger. We discovered that a significant amount of food consumed in Nigeria is imported.
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“Importation takes some time. So one of the things the president has done to cushion the effect of the cost of importation is to suspend customs duties and taxes on imported food items for a period of time.
“We believe that when this is implemented, it will help to bring down prices of food items in the markets. Nigerian Customs is committed to the implementation of this particular fiscal policy as enunciated by the government.
“What does this kind of intervention imply for the local markets? Because we are trying to address the interests of all stakeholders. Those that are going to enjoy these duty waivers and concessions are also being cultivated by Nigerian farmers.”
Adeniyi told journalists that there was a need to ensure the interests of all the stakeholders were considered before the implementation of the policy, while urging Nigerians to be patient.
“There is the issue of striking a balance between the long-term interests of Nigerian farmers, Nigerian stakeholders who are involved in the production of these items, and the short-term interests of food inflation.
“So, the guidelines are being worked out at the Ministry of Finance and I can assure you that within the next week, these guidelines will be ready and Nigerian Customs will begin implementation of these particular fiscal policies.
“I, therefore, urge Nigerians to be a little bit patient, believing that some of these items that have already arrived at our shores will be cleared without the imposition of Customs duty and taxes,” the Customs CG said.
