Customs Predicts Food Prices to Drop Thanks to Suspension of Import Duties and Taxes

Comptroller-General of Customs, Bashir Adeniyi, has expressed optimism that the suspension of duties and taxes on imported food items will lead to a reduction in food prices.

Speaking to the media at a security chiefs meeting in Abuja on Tuesday, Adeniyi underlined the Customs service’s commitment to enforcing government policies.

Adeniyi explained that the suspension was aimed at addressing the high cost of food in Nigeria, given that most of the food in the country is imported.

“The protests are based on a number of things, one of which is to end hunger. We found that most of the food consumed in Nigeria is imported. Importation takes time. So one of the things the president has done to cushion the impact of the cost of importation is to suspend customs duties and taxes on imported food for a certain period,” he said.

He added, “We are confident that if this policy is implemented, food prices in the market will come down. Nigerian Customs is committed to implementing this special fiscal policy as envisioned by the government.”

Also read: Concerns as Fitch downgrades Dangote Group due to lack of funding plan to repay debt facilities, etc.

Adeniyi also discussed the impact on the local market and the need to balance the interests of various stakeholders. “What are the implications of this kind of intervention on the local market? Because we are trying to meet the interests of all stakeholders. Those who will benefit from these duty reliefs and concessions are also Nigerian farmers,” he said.

He appealed to Nigerians to be patient, noting that some imported goods currently in the country would be cleared without duties and taxes.

Adeniyi assured, “There is a problem of striking a balance between the long-term interest of Nigerian farmers, Nigerian stakeholders involved in the production of these goods, and the short-term interest of food inflation. So, guidelines are being drafted in the Ministry of Finance and I can assure you that within the next week, these guidelines will be ready and the Nigerian Customs will start implementing this particular fiscal policy.

“Therefore, I urge the Indonesian people to be a little patient, because I am sure that some of the goods that have arrived in Indonesia will be cleared without being subject to customs duties and taxes.”

CG Customs predicts lower food prices with suspension of import duties, taxes first appeared on Latest Nigeria News | Headlines from Ripples Nigeria.