The minister of finance, Wale Edun says a meeting was held with the Nigeria Customs Service (NCS) board on Tuesday to talk about the implementation of the zero percent duty on selected food imports.
Via a statement on X by the ministry of finance on Wednesday, the minister said the tax waiver will tackle the current food shortage and control rising food prices.
“We discussed how to collaborate effectively to make food more affordable and accessible in the short term,” Edun said.
“This zero-duty measure is a temporary solution, but the administration is focused on long-term strategies to boost domestic food production.”
The meeting happened after the federal government’s announcement on July 10 to suspend taxes on the importation of food through land and sea borders to help lessen inflation.
This particular duty waiver, meant to take effect from July 15 to December 31, is restricted to maize, husked brown rice, wheat, and cowpeas.
Nonetheless, customs has not started implementation.
The customs, on September 5, disclosed that the duty-free food importation policy has not been implemented because NCS is still waiting to receive the list of beneficiaries from the ministry of finance.
However, whilst speaking at the meeting, Edun said the government is making efforts to produce crucial farming inputs such as fertiliser and seeds, particularly for small-scale farmers.
According to the finance minister, the farming inputs would improve local food production and guarantee food security in the long run.
Edun applauded the customs board for its regular meetings to evaluate NCS’ financial performance and operational activities.
The minister added that the administration of President Bola Tinubu is committed to tackling both short-term and long-term food security challenges while working closely with customs and other stakeholders to ensure seamless implementation of major policies.