In a bid to tame soaring food prices and alleviate the burden of inflation on Nigerians, the Federal Government has announced a temporary zero-duty levy on selected food imports. This strategic initiative, announced by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, aims to increase food availability, reduce prices, and provide immediate relief to citizens.
The Minister made this announcement shortly after chairing a closed-door session with the Nigeria Customs Service Board in Abuja, where he emphasized the need for collaborative efforts to make food more affordable and accessible in the short term.
According to Mr. Edun, the measure is designed to alleviate the current food shortage and reduce soaring food prices, which have been a major contributor to inflation across the country. He assured that while this initiative offers immediate relief, President Bola Ahmed Tinubu remains focused on long-term solutions, particularly boosting domestic food production.
To achieve this, the government is increasing the availability of essential farming inputs, such as fertilizer and seeds, particularly for small-scale farmers, which is expected to enhance local food production and ensure availability in the long run.
In addition to the zero-duty measure, the Minister commended the Nigeria Customs Service Board for its regular meetings to review the Agency’s financial performance and operational activities. He praised the Comptroller General of the Nigeria Customs Service, Mr. Bashir Adewale Adeniyi, and the Top Management of the Service for upholding the core values of Transparency, Integrity, and Merit.
The Minister reaffirmed the President Tinubu-led administration’s commitment to tackling both short-term and long-term food security challenges while continuing to work closely with the Nigeria Customs Service and other relevant stakeholders to ensure smooth implementation of key policies.
With this bold move, the Federal Government under President Tinubu’s leadership demonstrates its unwavering commitment to addressing the pressing concerns of Nigerians, taking comprehensive steps to ensure food security, reduce inflation, and promote economic growth, thereby improving the lives of citizens in line with the Renewed Hope Agenda of the present administration.
