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HomeBusinessPresident Tinubu suspend import tax on food.

President Tinubu suspend import tax on food.

 

In a bid to arrest the high cost of foods in the most populous African Nation, the Federal Government of Nigeria through the Minister of Agriculture Alhaji Kyri, has finalize plan to suspend tax on importation of some food items including Maize and millet for 150 days and recommend a retail price in order to reduce the prices of foods in the market

The move is part of the government’s policy to curb food inflation , which has risen to over 40% year-on-year, and spur growth which has been fragile for almost a decade.

Soaring costs of food staples have deepened the cost of living crisis and added to double-digit inflation which is stuck at nearly 30-year high.

To alleviate food inflation in the country caused by affordability and aggravated by availability, the government has taken a host of measures that will be implemented over the next 150 days.”

Agricultural Minister Abubakar Kyari issued a statement on x account. According to data from the National Bureau of Statistics, food inflation is currently at 40.66%, highlighting the issue of affordability in our food system.

He stated that the government would purchase 250,000 metric tonnes of wheat and 250,000 metric tonnes of maize, in addition to private-sector imports. The commodities will be imported in semi-processed form and distributed to small-scale processors and miller

Food inflation has soared in the West African nation with insecurity in parts of the country’s food producing regions and poor road network linking farms to markets.Alhaji Abubakar Kyari said the tax waiver would cover food commodities imported through the country’s land and sea borders..

Products like potatoes, yams, and plantains that were formerly thought to be mundane are now highly valued, and Nigerians have every reason to wonder how and why things are the way they are.

The minister conceded that with growing worries about the genetic makeup of food, some law-abiding citizens could be concerned about the quality of the food that would be imported.

“I’m happy to restate that the government’s stance exemplifies standards that would not jeopardize the various food items’ safety for ingestion.”

The minister states that the country’s small-scale millers and processors will receive these imported food goods in their partially processed form

The National Bureau of Statistics’ (NBS) which as of the most recent count had placed food inflation at 40.66%, has been used to index the affordability crisis in our food security system.

“We have heard the protests from Nigeria on the cost of food and condiments; some are now calling tomatoes “gold” and offering a range of recipes to make soups and other dishes using some of the astronomically priced food items.

The minister said multiple taxes and levies, infrastructural challenges and “sheer profiteering by marketers and traders” have contributed to rising food prices.

“Over the past several months, we have all been witnesses to the escalating cost of food items in all parts of the country. There is virtually no food item that has not had its price raised to a level higher than what a good many Nigerians can afford,” Kyari said. 

“The affordability crisis in our food security system has been indexed by the data from the National Bureau of Statistics which by the last count, had put food inflation at 40.66%.

“We have heard the cries of Nigeria over the prices of food items and condiments, with some now describing tomato as gold and proposing a variety of recipes to prepare soups and dishes with some of the overly priced food items.

Items that were formerly considered common, like potatoes, yams, and plantains, now fetch exorbitant prices, and Nigerians have every right to question how and why things are the way they are.

The minister acknowledged that some law-abiding residents could be worried about the quality of the food that would be imported in light of the growing concerns about the genetic makeup of food.

“I’m happy to restate that the government’s stance exemplifies standards that would not jeopardize the various food items’ safety for ingestion.”

The minister claims that these imported food products in their partially processed form will be supplied to the nation’s small-scale millers and processors.

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