President Bola Tinubu has authorised the implementation of zero p.c import obligation and VAT exemption on chosen fundamental meals objects, efficient from July 15 to December 31, 2024.
This coverage, outlined in a letter from the Ministry of Finance to the Nigeria Customs Service, contains staple meals like maize, millet, rice, wheat, husked brown rice, grain sorghum, and beans. Beforehand, these things confronted import duties starting from 5 to 30 p.c.
“The importation of these things shall even be restricted to buyers with milling capability and verifiable Backward Integration Program for a few of the objects listed,” the letter learn.
The choice goals to cut back the hovering prices of meals in Nigeria and can apply solely to the amount essential to bridge the nationwide provide shortfall, as decided by a committee established by the Minister.
