FG Proposes Zero-Duty on Food Imports to Combat Rising Inflation

In a decisive move to combat rising food prices and provide immediate relief from inflation, the Federal Government has proposed a temporary zero-duty levy on selected food imports.

The initiative, announced by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, was detailed in a statement by Mohammed Manga, Director of Information and Public Relations at the finance ministry. The aim is to increase food availability, reduce prices, and ease the financial burden on Nigerian citizens.

Following a closed-door meeting with the Nigeria Customs Service Board in Abuja, where stakeholders discussed the nation’s food supply crisis, Mr. Edun stressed the urgency of this measure. “This temporary zero-duty policy is critical in addressing the ongoing surge in food prices, a key driver of inflation nationwide,” he said. The government is committed to making food more affordable and accessible in the short term.

While this measure offers immediate relief, Mr. Edun emphasized that the administration of President Bola Ahmed Tinubu is also focused on long-term solutions. These include efforts to boost domestic food production through the provision of essential farming inputs such as fertilizers and seeds, particularly to support smallholder farmers. These initiatives are expected to enhance local agricultural output and ensure sustained food availability in the future.

The Minister commended the Nigeria Customs Service (NCS) for its dedication to transparency, integrity, and merit. He praised Comptroller General of Customs, Mr. Bashir Adewale Adeniyi, and his team for their ongoing efforts to safeguard the nation’s economic interests while maintaining customs efficiency.

In addition to the zero-duty proposal, the Nigeria Customs Service Board is holding regular meetings to assess the agency’s financial performance and operational activities to align with the Federal Government’s economic objectives.

Mr. Edun reaffirmed the government’s commitment to tackling both immediate and long-term food security challenges. By working closely with the NCS and other agencies, the government aims to implement policies that will positively impact millions of Nigerians.

Through these actions, the Tinubu administration demonstrates its dedication to addressing the nation’s critical challenges. With the introduction of a temporary zero-duty on essential food imports and ongoing efforts to strengthen local food production, the government is not only striving to curb inflation but also laying the groundwork for a more resilient agricultural sector.