The federal government has unveiled the Customs, Excise Tariff Variation Order 2024 to boost food security and reduce inflation.
It announced this in a statement signed by a finance ministry spokesman, Mohammed Manga, on Thursday.
Finance minister Wale Edun signed the regulation to provide a framework for implementing the Customs, Excise Tariffs Order 2024.
“In a bid to tackle food price inflation and stimulate domestic agricultural growth, the Federal Government has introduced the regulation for implementation of the Customs, Excise Tariff, Etc. Variation Order 2024,” Mr Edun said.
According to the minister, the move aims to control and reduce food price inflation by waiving levies, duties, value-added taxes and tariffs payable on the importation of basic food items.
Mr Edun also mentioned that with these regulations, Nigeria was poised to witness a significant reduction in food price inflation, increased investment in the agricultural sector and enhanced food security.
The minister also reiterated the government’s commitment to creating an enabling environment for economic growth, and this regulation was a testament to that commitment.
Mr Edun urged eligible companies to take advantage of the opportunity to contribute to the country’s food security and economic development.
(NAN)
