Connect with us

News

President Tinubu To Temporarily Halt Import Duties On Food, Drugs

President Tinubu may temporarily suspend import duties on food, drugs, and other essentials for six months to combat inflation…

Published

on

President Tinubu To Temporarily Halt Import Duties On Food, Drugs
President Bola Ahmed Tinubu

President Tinubu may temporarily suspend import duties on food, drugs, and other essentials for six months to combat inflation, according to an executive order draft.

The Federal Government of Nigeria is planning to temporarily suspend import duties on essential items like staple foods and drugs for six months to curb inflation, according to The PUNCH.

An Executive Order titled “Inflation Reduction and Price Stability (Fiscal Policy Measures) Order 2024,” set to be signed by the President, outlines this plan. The order will also waive levies on fertilizers, poultry feed, flour, and grains.

The Ministry of Finance and the Central Bank of Nigeria will be tasked with creating a plan to offer low-interest loans to the agriculture, pharmaceutical, and manufacturing sectors. The document states,

Advertisement

“The import duty and other tariffs are to be suspended on the following for six months: Staple food items; Raw materials and other direct inputs used for manufacturing; Inputs for agriculture production including fertilizers, seedlings, and chemicals; Pharmaceutical products; Poultry feeds, flour, and grains.”

The President is also likely to suspend Value-Added Tax (VAT) on items such as Automotive Gas Oil, basic food items, semi-processed staple foods like noodles and pasta, raw-material inputs for food manufacture, electricity, public transportation, agricultural inputs, and pharmaceutical products for the rest of the year.

Additionally, the executive order will suspend various taxes and levies for six months, including road haulage tax, fees on bicycles, trucks, canoes, wheelbarrows, carts, business premises registration, taxes on shops, kiosks, markets, animal trade, and produce sales tax.

The government’s Accelerated Stabilisation and Advancement Plan (ASAP) report also suggests importing paddy rice and maize to combat food inflation. The report recommends suspending import duty and VAT on these items and pegging the import duty exchange rate.

Advertisement

However, this proposed plan seems to conflict with President Tinubu’s earlier stance on food imports. Earlier this year, he stated his administration would not allow food imports but would focus on turning scarcity into abundance through local production and economic diversification.

“Fertilizers are being supplied to farmers as we speak. Agriculture and economic diversification provide the answers to our problems. We will not continue to import food. We know how to turn lack into abundance, and the world will watch us do it again,’’ Tinubu said.

whatsapp

Stay ahead with VerseNews. Get the latest breaking news, insightful analysis, and trending stories. Your go-to source for timely updates and unbiased reporting.

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

WATCH: Nigeria Newspaper Headline Today

Apply For Latest Job Openings

Trending

woman cries woman cries
News6 days ago

My Husband Makes Love From Midnight Till Dawn’ — Kaduna Woman Seeks divorce

A 37-year-old woman, Linda Stephen, has asked a Kaduna Customary Court to dissolve her six-year marriage,

peller peller
Entertainment6 days ago

Peller Faces Possible Ban as Nigerians Mass-Report His 9.6M TikTok Account

Popular TikToker Peller faces mass reports on his 9.6M-followers TikTok account after criticizing Nigerians for ranting about the government online.

NYSC dancing NYSC dancing
Education7 days ago

BREAKING: NYSC Begins Payment of N77,000 Monthly Allowance To Corps Members

The Federal Government has begun paying the N77,000 monthly NYSC allowance after a six-month delay, with some corps members confirming...

Timi Dakolo and Femi Lazarus Timi Dakolo and Femi Lazarus
Celebrity Gist1 week ago

How Apostle Femi Lazarus Is Selling Gift of Spirit God Gave Him for Free – Timi Dakolo

Timi Dakolo criticized Apostle Femi Lazarus for condemning gospel artistes who charge for ministrations while running a paid ministry school.

peter obi and tinubu peter obi and tinubu
Politics1 week ago

Presidency Warns Peter Obi Over ‘Collapsed Democracy’ Comment

Presidency dismissed Peter Obi’s claim that Nigeria’s democracy has collapsed, calling it exaggerated and baseless.

donald trump donald trump
World News1 week ago

Trump announces 25% tariff on countries buying Venezuelan oil

Trump announced a 25% tariff on countries purchasing Venezuelan oil, citing Venezuela's alleged hostility and criminal infiltration.

enugu imo police enugu imo police
News1 week ago

Anambra, Enugu Police Join Forces to Crush Border Crimes

The Anambra and Enugu State Police Commands have joined forces to combat cross-border crimes by sharing intelligence and resources.

airport airport
News1 week ago

US Warns Nigerians, Threatens Permanent Bans from Entering Country

The US has warned Nigerian travelers that overstaying their visas could result in a permanent ban from re-entering the country.

senator natasha akpoti senator natasha akpoti
Politics1 week ago

Plot to Remove Suspended Senator Natasha Deepens as Constituents File Recall Petition

Some constituents of Kogi Central have petitioned INEC to recall suspended Senator Natasha Akpoti-Uduaghan, citing loss of confidence and misconduct.

surgery surgery
News1 week ago

Lagos to Sponsor Open-Heart Surgeries Worth ₦8.5 Million Each for 30 Indigent Patients

The Lagos State Government will provide free open-heart surgeries for 30 indigent patients, fully funded by Governor Sanwo-Olu.

Advertisement