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Thursday, November 14, 2024

Food prices expected to fall as FG suspends taxes on imported food items

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Abubakar Kyari, the Minister of Agriculture, recently announced significant measures aimed at addressing food security challenges in Nigeria. Speaking at a press briefing in Abuja, he disclosed that the Federal Government has suspended taxes, duties, and tariffs on essential food items such as maize, wheat, husked brown rice, and cowpeas. These measures are part of a 150-day duty-free import window to facilitate the importation of these critical food commodities through land and sea borders.

Kyari emphasized the government’s commitment to combating food inflation and ensuring that every Nigerian has access to affordable food. He assured the public that imported food items under this initiative will be subject to a Recommended Retail Price (RRP) to maintain affordability and regulate market prices.

In addition to facilitating private sector imports, the government plans to import 250,000 metric tons (MT) each of wheat and maize. These imports will primarily target small-scale processors and millers across Nigeria, enhancing domestic food processing capabilities and distribution.

Furthermore, Kyari highlighted the establishment of the Renewed Hope National Livestock Transformation Implementation Committee. This committee’s mandate is to formulate and implement policies aimed at advancing livestock development nationwide, thereby supporting agricultural sustainability and economic growth.

In conclusion, the Minister underscored that these initiatives reflect the government’s commitment to revitalizing the agricultural sector, ensuring food security, and uplifting livelihoods across Nigeria.

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