JUST IN: FG suspends taxes on maize, wheat, rice, others

As part of its effort to address the issue of skyrocketing food prices nationwide, President Bola Tinubu’s administration has announced the suspension of taxes on maize, wheat, rice and other staples.

This suspension was disclosed in a statement by the Minister of Agriculture and Food Security, Senator Abubakar Kyari.

He 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.”

The commodities the government is prioritising to benefit from this include: Maize, Husked Brown Rice, Wheat and Cowpeas.

The statement from 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 importation of only quality produce.

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

“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

“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 noted 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.”

It also added that it plans to scale up support for 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 .

Nigerians have continued to suffer from issues of rise in prices of food, with food inflation reaching highest in many years.

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