The objective of the decision by the federal government to suspend duties and taxes on food items is to force down the prices of food items. This was made known by the Comptroller-General of the Nigeria Customs Service (NCS), Bashir Adeniyi on Monday.
According to him, the policy was intended to make essential food items and other basic necessities to become more affordable for Nigerians. Through the approach, the government also believes that it would be able to adequately address the prevalent food inflation in the country.
Adeniyi In a public forum, acknowledged the widespread economic challenges and outlined the government’s commitment to easing the financial burden on its citizens. He admitted that global inflation is impacting nations worldwide, including Nigeria, while noting that 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.
Adeniyi also stated that the NCS has streamlined export processes to facilitate the efficient movement of Nigerian goods to international markets. He said, “This initiative includes the introduction of advanced ruling systems, authorised economic operators, and a time-release study designed to enhance trade, stimulate the economy, and create new opportunities”.
Adeniyi emphasised that these reforms will provide farmers, artisans, and entrepreneurs with a faster path to global markets, thereby benefiting their families and communities.
He added, “We are committed to implementing this measure seamlessly to address the problem of hunger in our nation.” He said in addition to economic measures, the NCS is intensifying its efforts to combat the proliferation of arms and dangerous weapons through Nigeria’s land, sea, and airports.
Adeniyi stressed the importance of collective efforts and peaceful progress to strengthen the country’s borders.
He warned that the destruction of the supply chain affects foreign investment, distorts trade, promotes instability, increases scarcity, and hinders revenue collection.
