₦airaland Forum

You may soon be able to import food into Nigeria without paying import duties and VAT.

Let’s see if it means lower prices across Nigeria.

Just hoping businesses wouldn’t use the gains to cover up previous losses such that prices in the market remain the same.

Nojeem ‘Nudge’ Yusuf

INFLATION REDUCTION AND PRICE STABILITY (FISCAL POLICY MEASURES, ETC.) ORDER, 2024

[1st Day of May, 2024] Commencement
In exercise of the powers conferred on me by
section 5 of the Constitution of the Federal
Republic of Nigeria (as amended), Section 38 of the Value Added Tax Act, Cap,V1, Laws of the Federation of Nigeria, 2004 (as amended), and all other powers enabling me in that behalf, I, Bola Ahmed Tibubu, President, Federal Republic of Nigeria make the following Order -

1. As from the commencement of this Order, the following measures and reliefs shall apply:

2. The import duty and other tariffs on the following items are hereby suspended for a period of six months:

(a) staple food items;
(b) raw materials and other direct inputs used
for manufacturing;
(c) inputs for agriculture production including
fertilisers, seedlings, and chemicals
(d) pharmaceutical products
(e) poultry feeds, flour and grains

3. Authorise millers to import paddy rice at zero duty and Value Added Tax for a period of 6 months in the first instance in order to improve local supply and capacity utilisation of rice millers.

4. Value Added Tax, where applicable, is hereby suspended on the following items for the rest of the year 2024:

(a) basic food items and semi-processed
staple food items such as noodles and
pasta;
(b) raw material inputs for the manufacturing
of food items, electricity and public
transportation;
(c) agricultural inputs and produce, and
(d) pharmaceutical products.

https://docs.google.com/document/u/0/d/1oQQ5XkS3VV3LRs7HcQgAeq-R-2l7TO6R3rXCdYMfi5o/mobilebasic?pli=1 5/31/24, 10https://drive.google.com/file/d/1126n1GhFnq60uYnbNV5Cez1Yg0BVTV_P/view?pli=1

FG to suspend import duties on staple food items, drugs, others for six months to ease inflation – Report

President Tinubu must keep his campaign promise on Nigerian Crypto Industry
President Bola Ahmed Tinubu.

The Federal Government is considering a six-month suspension of import duties on staple food items, drugs, and other essential items as a measure to curb inflation, according to a report seen by Nairametrics.

This is contained in a document sent to President Bola Tinubu for review and approval.

The document also includes plans to waive levies on fertilizers, poultry feed, flour, and grains.

Bloomberg reported that President Tinubu is yet to sign the document for implementation.

The Inflation Reduction and Price Stability Order, as outlined in the document, will mandate the Ministry of Finance and the Central Bank of Nigeria to devise a plan for offering low-interest loans to the agriculture, pharmaceutical, and manufacturing sectors.

“This productive deployment will ultimately improve outputs and reduce inflation,” the document said.

The president is also likely to suspend value-added tax (VAT) on automotive gas oil, some basic food items and semi-processed staple food items such as noodles and pasta, raw-material inputs for the manufacture of food items, electricity and public transportation, as well as agricultural inputs and produce and pharmaceutical products for the rest of the year.


Importation of Paddy Rice
Nairametrics had earlier reported that the federal government in its Accelerated Stabilization and Advancement Plan (ASAP) report submitted by Finance Minister, Wale Edun, is considering the importation of paddy rice into the country as well as maize.

The ASAP report recommended an executive order on the importation of paddy rice to millers to stem the growing tide of food inflation across the country.

The document also recommends the following:

Import duty & VAT suspension on specified items

Importation of paddy rice by millers
Import duty exchange rate peg
Meanwhile, the proposed plan by the federal government conflicts with earlier statements by President Tinubu on food imports earlier this year.

The President in an address to State Chairpersons of his All Progressive Congress (APC) had stated that his administration will not continue food imports hoping to turn the present challenge into an opportunity for the future.

What you should know
In Nigeria, a food crisis looms large, challenging the nation’s stability. Food prices have surged, with food inflation reaching 40.5%.

Among the hardest-hit commodities is rice, a dietary staple. In the past year alone, rice prices have skyrocketed by 169%, reaching nearly N90,000 per bag in March and April.
This sharp increase in food costs is placing immense strain on households across the country, exacerbating an already fragile economy.

It’s estimated that around 31 million Nigerians may face severe food shortages by August this year.

The repercussions of this crisis extend far beyond economic concerns, impacting health, education, and overall societal well-being.

https://www.google.com/amp/s/nairametrics.com/2024/06/05/fg-to-suspend-import-duties-on-staple-food-items-drugs-others-for-six-months-to-ease-inflation-report/%3famp=1

Gd

Holly Gram Audio oooo !!!


EBIN PAWA ooo !!!


LITE UP my WEED in peace


WTF MAN!

This is a brilliant move..

But then, exchange rate wahala on imported products..

Atall atall na im bad..

Hopefully, food inflation will come down...

Ti ebi ba kuro n'inu ise, ise bu se (If hunger is taken care of in poverty, it will be a huge relief) ...pardon my interpretation..that's the best I can go. Na the Yoruba own sweet pass.

Another key part of this order is the suspension of import duty on pharmaceutical products and suspension of VAT on pharmaceutical products...great relief for patients.... especially those on essential medicines!

Insecurity needs to be addressed aggressively ,Long overdue

Audio as usual

There is biting hunger in the land. Chai

Lol😂

Now you're talking..

Confusion break bone

Hmm. So price of Camry big for nothing go become 1.5 million? Or na only food

Have they done it? Or is it their usual rhetorics?

Fair enough

I hope it reflects positively on the prices of these items

Government of TRIAL and ERROR. I just hope they get it right this time.

Interesting

Way to go.........let border be open

God punish 0bidi0ts

Good

Food prices go crash now

Y not also open the borders for the now.

Better o...

At least if you are a failure President, be a listening President, from there you'd begin to pass

Welcome to Nigeria... June 12 is approaching faster than imagined. Achievements for the 1st year anniversary loading... If you know you know...

Another Audio promises...

Government of propaganda...for the people..

How many Nigerians benefited from the Rice Nigeria Custom Service have in there Warehouses?

Palliative Grant of ₦50,000 .,. How many Nigerians got it?

Thieves every corner u face.. na dem dey religious pass... But dem wicked pass devil..

Our government is making a mistake. The people will never reduce price. They will tell you that they have still selling their old stock.

Well thought out

Good

This Is good,Nice one JAGABAN of Borgu

Let him open the borders in the south as well

Lazy way out for government. I hope importer will not still rip off the country by still maintaining prices as they were.

There is really no market efficiency/ competition in nigeria economy

ALL THE ENEMIES OF NIG,OBIRODENTS,WEEVILS. Ur sweet,soft CORN 🌽 IS READY OOO 😋 🤣.. O jinaaa oooo,Agbado jinnah ooo

Trial and error government