The Nigeria Customs Service (NCS) has suspended import duties and taxes on essential food items, the Comptroller General of Customs (CGC), Alhaji Bashir Adewale Adeniyi has said.
Giving the rationale for the decision, the CGC stated that the suspension is to make food items affordable for Nigerians.
The CGC in a post on X on Tuesday acknowledged that the global inflation is affecting nations including Nigeria, saying the NCS is committed to implementing the Federal Government’s directive on the suspension of tariffs on essential items.
His words: “Global inflation is impacting nations worldwide, including Nigeria. To address this, the federal government through the Nigeria Customs Service is suspending import duties and taxes on essential food items to make them more affordable. We’re committed to implementing this measure seamlessly to address the problem of hunger in our nation. We have streamlined export processes to ensure Nigerian goods reach international markets efficiently.”
Adeniyi warned that disruptions in the supply chain have reaching implications on the economy.
These include its negative effect on foreign investments, trade distort, and the promotion of instability.
Others are increase scarcity of essential commodities as well as hindering revenue collections.