fbpx
Tuesday, November 12, 2024
34.1 C
Abuja

NCS To Commence Implementation of Food Import Duty Waiver — Adeniyi

The Comptroller General, Nigeria Customs Service, NCS, Bashir Adeniyi, says the service will begin implementation of the duty waiver on imported foods in a week time.

Mr Adeniyi made this known on Tuesday in Abuja during a combined news conference by the heads of security agencies and Service Chiefs, convened by the Chief of Defence Staff, Gen. Christopher Musa at the Defence Headquarters.

He said that the guidelines for the implementation were still being worked out at the Ministry of Finance, saying it would begin as soon as the guidelines were ready.

Mr Adeniyi appealed to Nigerians to exercise patience, adding that efforts were ongoing to address the demands of the protesters, especially concerning the food inflation and cost of living.

President Bola Tinubu had directed the suspension of import duties and taxes on essential food stuffs to reduce inflation.

“I like to let Nigerians know that there has been a lot that is going on to address these issues that are related to ameliorating this situation.

“This is through a mixture of fiscal policies of government and a number of strategic interventions from the government.

“The Federal Government’s effort as part of intervention is the distribution of strategic food items which was released from the national grain reserves about a month ago.

“This was released to all states of the federation. We also recall that a number of the food items that are consumed in Nigeria are imported.

“Better parts of the components are imported and importations are not done of the shelf, it takes some time before they are done.

“So, one of the things that the president has done is to reduce the cost, to push on the effects of the cost inflation by suspending customs duties and taxes on imported food items for a period of time.

“We believe that when this is implemented, it will help to bring down the price of food items in the market”.

According to him, the Nigeria Customs is committed to the implementation of this particular fiscal policy as enunciated by government.

“But I also like to remind Nigerians that we need to be very, very careful in implementation of this and this is why the guidelines for implementation is being meticulously worked out at the Ministry of Finance,” he said.

Adeniyi said there was need to understand what the intervention implied for the local markets, adding that the government was trying to address the interest of all the stakeholders.

He added that most of these food items that enjoyed the duty waivers and concessions were also being cultivated by Nigerian farmers, hence the need to balance interests.

“There is the issue of striking a balance between the long term interest of Nigerian farmers and stakeholders who are involved in the production of these items and the short term interest of addressing food inflation.

“So the guidelines are being worked out at the Ministry of Finance and I can assure you that within the next one week these guidelines will be ready and Nigeria customs will begin implementation of these particular fiscal policies,” he added.

Hot this week

UN Adopts Resolution Recognizing Sport as a Catalyst for Sustainable Development

The United Nations (UN) General Assembly has highlighted the...

SERAP: Civil Society Calls on Tinubu to Halt Crackdown on Human Rights Groups and Journalists

ABUJA, Nigeria (Nov. 12, 2024) — Leading civil society...

President Tinubu Pays Tribute to Ogoni Martyrs

President Bola Tinubu has reaffirmed his administration’s commitment to...

Belgium Celebrates 40 Years of Development Partnership with Tanzania, Showcasing Impactful Projects

DAR ES SALAAM, Tanzania (ChatnewsTV) — On the 40th...

Latest

UN Adopts Resolution Recognizing Sport as a Catalyst for Sustainable Development

The United Nations (UN) General Assembly has highlighted the...

President Tinubu Pays Tribute to Ogoni Martyrs

President Bola Tinubu has reaffirmed his administration’s commitment to...

Kaja Kallas Vows to Strengthen EU’s Global Position in Hearing for Foreign Affairs Post

BRUSSELS (ChatnewsTV) — Kaja Kallas, the Estonian candidate for...

Obaseki Bows Out, Celebrates Economic and Infrastructure Transformation in Edo State

BENIN CITY, Nigeria (ChatnewsTV) — In his final statewide...

Obidient Movement Leader Says Group May Seek New Path if Labour Party Resists Reform

ABUJA, Nigeria (ChatnewsTV) — Yunusa Tanko, National Coordinator of...
spot_img

Related Articles

Popular Section

spot_imgspot_img