There are indications that the prices of food items that have been going up since last year may nose dive soon. This follows a bold step by the federal government on Monday to prioritise a crash in the prices of food items above revenue drive. The Federal Ministry of Agriculture and Food Security (FMAFS), on Monday, therefore, announced the suspension of duties, tariffs and taxes for the importation of some food items through land and sea borders.
The announcement was made by the Minister FMAFS, Senator Abubakar Kyari at a press briefing in Abuja. He said the decision was in line with the directive of President Bola Tinubu to address food insecurity in Nigeria. It was a policy shift that brought relief to the citizenry, as the federal government has hitherto resisted pressures to allow for more imports and a removal of duties on imported food items. Then, it had hoped that its investments in agricultural production would yield quick results.
Senator Kyari said the affected food items include maize, husked brown rice, wheat, and cowpeas.
These are among the stable foods in the country.
The duty free is, however, for a brief period, perhaps enough for there to be a cushioning effect on the harsh climate of food inflation currently in the country. The minister told newsmen that there will be “150-Day Duty-Free Import Window for Food Commodities, suspension of duties, tariffs and taxes for the importation of certain food commodities (through land and sea borders). These commodities include maize, husked brown rice, wheat and cowpeas.”
Senator Kyari explained that “Under this arrangement, imported food commodities will be subjected to a Recommended Retail Price (RRP).” He added, “I am glad to reiterate that the Government’s position exemplifies standards that would not compromise the safety of the various food items for consumption.
“In addition to the importation by private sector, Federal Government will import 250,000MT of wheat and 250,000MT of maize. The imported food commodities in their semi processed state will target supplies to the small-scale processors and millers across the country.”
The decision is a demonstration of the fact that the government was listening to the cries of Nigerians who had criticised the insistence in the official circle not to review the payment of tariff on consumables as a way of bringing down prices and thereby arresting the skyrocketing prices of food items at a time the earning power of Nigerians had diminished following the unification of the Naira.
