In a move set to significantly impact the cost of living, the Nigeria Customs Service (NCS) has announced the commencement of duty waivers on imported food items, following directives from President Bola Tinubu. This initiative is expected to lead to a considerable reduction in food prices across the country.
Speaking during a joint press briefing in Abuja, Comptroller General Adewale Adeniyi confirmed that the NCS is poised to implement the duty waivers in the coming week. He assured the public that the Ministry of Finance is in the final stages of preparing guidelines for the waiver, after which the Customs Service will swiftly proceed with its implementation.
Adeniyi highlighted the government’s commitment to tackling the ongoing food inflation crisis, describing the duty waiver as a pivotal component of broader efforts to ease economic pressures. Alongside the waiver, measures such as the distribution of food items from national grain reserves are being actively pursued to stabilize food supply chains.
Emphasizing the need for a balanced approach, the Comptroller General acknowledged concerns about the potential impact on local farmers. He stressed that collaboration with the Ministry of Finance ensures equitable distribution of the waiver’s benefits, aiming to support both consumers and farmers alike.
The announcement signals a proactive step by the Nigerian government to mitigate rising food costs, underscoring efforts to enhance economic stability and affordability for its citizens.