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BREAKING: FG removes tariff on food importation

The federal government has announced new measures to tackle the rising food inflation rate across the country.

President Bola Tinubu
President Bola Tinubu

Abuja, Nigeria

The federal government has announced new measures to tackle the rising food inflation rate across the country.

Minister of Agriculture and food security, Abubakar Kyari, said the measures would be implemented over the next 180 days.

“A 150-Day Duty-Free Import Window for food commodities which includes; suspension of duties, tariffs and taxes for the importation of certain food commodities through land and sea borders,” he said.

Commodities being prioritised to benefit from the new measures include maize, husked brown Rice, wheat and cowpeas.

The minister further noted that “Under this arrangement, imported food commodities will be subjected to a Recommended Retail Price (RRP).”

The government further promised to ensure the importation of only quality produce.

“In addition to the importation by the private sector, the 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.”

According to the government, “it would engage relevant stakeholders to set a Guaranteed Minimum Price (GMP) and mop up surplus assorted food commodities to restock the National Strategic Food Reserve.”

The government said it is putting in place plans to develop a strategic engagement for youth and women across the federation.

“For immediate greenhouse cultivation of horticultural crops such as tomatoes and pepper to increase production volume, stabilise prices, and address food shortages.”

The government also stated that it would launch “The Renewed Hope National Livestock Transformation Implementation Committee” which would be inaugurated on Tuesday, 9th July 2024 with a view to developing and implementing policies that prioritise livestock development and ensure alignment with the National Livestock Transformation Plan.”

The Tinubu-led administration also noted that it plans to scale up support for the Homs Green Initiative by the office of the First Lady of the Federal Republic of Nigeria.

“The success of the measures aforementioned is contingent on cooperation and collaboration of all relevant MDAs and stakeholders,” the government noted in its press statement.

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