Prices ‘ll drop through suspension of duties, taxes on imported food items – Customs CG

The recent suspension of duties and taxes on imported food items by the Federal Government will soon lead to reduction of prices of food prices in the country, the
Comptroller-General of Customs, Bashir Adeniyi, has said.

He stated this against the backdrop of the current outrageous prices of foodstuff in the country and the attendant hardship being greeted with nationwide protests.

Adeniyi who expressed optimism during the security heads meeting in Abuja on Tuesday, said
that the Commission was dedicated to implementing the policy stipulated by the government.

“The protest was premised on a number of things, one of them being to end hunger. We discovered that a significant amount of food consumed in Nigeria is imported. Importation takes some time. So one of the things the president has done to cushion the effects of the cost of importation is to suspend Customs duties and taxes on imported food items for a period of time,” he said.

“We believe that when this is implemented, it will help to bring down prices of food items in the markets. Nigerian Customs is committed to the implementation of this particular fiscal policy as enunciated by the government,” Adeniyi added.

“What does this kind of intervention imply for the local markets? Because we are trying to address the interests of all stakeholders. Those that are going to enjoy these duty waivers and concessions are also being cultivated by Nigerian farmers.”

The CG, however, expressed the need to consider the interests of all the stakeholders before the implementation of the policy.

Adeniyi also disclosed that some of the imported items already in the country would be cleared without duties and taxes and urged Nigerians to be patient as they expect reduction in prices.

“There is the issue of striking a balance between the long-term interests of Nigerian farmers, Nigerian stakeholders who are involved in the production of these items, and the short-term interests of food inflation,” he said.

“So, the guidelines are being worked out at the Ministry of Finance and I can assure you that within the next week, these guidelines will be ready and Nigerian Customs will begin implementation of these particular fiscal policies.

“I therefore urge Nigerians to be a bit patient, believing that some of these items that have already arrived our shores will be cleared without the imposition of Customs duty and taxes.”