Import Duty Waiver on Rice, Others Begins Next Week – FG

he Federal Government announced that the guidelines for the suspension of customs duty and taxes on imported food items will commence next week. This follows the government's approval of a 150-day duty-free window in July, allowing the importation of maize, husked brown rice, and wheat to combat rising food inflation in the country. The initiative is part of the Presidential Accelerated and Stabilisation Advancement Plan. At a meeting of heads of security agencies in Abuja, the Comptroller-General of Customs, Bashir Adeniyi, stated that the policy implementation would begin once the guidelines are finalized. The delay in implementation is attributed to the need to balance the interests of various stakeholders, including local farmers.

Adeniyi emphasized that some imported items already in the country would be cleared without duty and taxes. He assured Nigerians that the Nigerian Customs would implement these fiscal policies as soon as the guidelines are ready, urging patience. The suspension of duty and taxes on imported food items is expected to help reduce food prices. Adeniyi highlighted the government's commitment to ensuring that the interests of both local farmers and consumers are considered. He noted that the intervention aims to address hunger and related issues, with efforts including the distribution of strategic food items from national grain reserves.

The Customs boss also pointed out that a significant portion of the food items consumed in Nigeria is imported, and the suspension of customs duty and taxes is intended to cushion the impact of cost inflation. This measure is part of a broader set of fiscal policies and strategic interventions by various government ministries, departments, and agencies.