Implementation of Tax Waiver on Food Items Set to Begin Next Week, Customs Service Announces

The Nigeria Customs Service (NCS) will commence the implementation of a tax waiver on imported food items and drugs starting next week. This announcement was made by Comptroller-General Bashir Adeniyi during a joint press briefing at the Defence Headquarters in Abuja on Tuesday, August 6.

Adeniyi explained that the delay in implementing the tax waiver, which follows President Bola Tinubu’s directive issued last week, was due to a hold-up in receiving the implementation guidelines from the Ministry of Finance.

“The President’s initiative aims to lower food costs and mitigate inflation by suspending customs duties and taxes on imported food items temporarily,” Adeniyi said. “We anticipate that this measure will lead to a reduction in market prices for food items.”

The Customs boss emphasized the importance of careful execution of this policy, noting that the Ministry of Finance is currently finalizing the guidelines. He highlighted the need to balance the interests of local farmers and stakeholders with the immediate goal of alleviating food inflation.

“The guidelines are being meticulously developed to address the needs of all parties involved,” Adeyini added. “We expect these guidelines to be finalized within the next week, after which the NCS will begin implementing the tax waiver.”

He urged the public to remain patient as the new policy takes effect, promising that it will contribute to lower food prices in the near future.