Nigerian Government Suspends Taxes On Rice, Other Staple Foods To Address Skyrocketing Prices

In a bid to address the issue of skyrocketing food prices nationwide, the Federal Government of Nigeria has announced the suspension of taxes on maize, wheat, rice, and other staples.

This suspension, which will last for 180 days, aims to provide relief to Nigerians who have been struggling with high food prices.

According to a statement by the Minister of Agriculture and Food Security, Senator Abubakar Kyari, the government will also implement a 150-day duty-free import window for food commodities, including maize, husked brown rice, wheat, and cowpeas. These commodities will be subjected to a Recommended Retail Price (RRP) to ensure affordability.

The government has also promised to ensure the importation of only quality produce and will engage relevant stakeholders to set a Guaranteed Minimum Price (GMP) and mop up surplus assorted food commodities to restock the National Strategic Food Reserve.

Additionally, the government plans to scale up support for the Homs Green Initiative by the office of the First Lady of the Federal Republic of Nigeria and launch the Renewed Hope National Livestock Transformation Implementation Committee to develop and implement policies that prioritize livestock development.

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