Business a.m.
Wale Edun, the minister of finance and coordinating minister of Nigeria’s economy, has disclosed that the federal government is taking measures to curb inflation by suspending tariffs and import duties on a range of essential goods.
The minister noted that these goods include, but are not limited to, food items, pharmaceuticals, and other critical products that are essential for sustaining the wellbeing of citizens.
Edun, who shared his insights during a presentation of the proposed Accelerated Stabilisation and Advancement Plan (ASAP), explained that the ASAP plan, which was recently submitted to President Bola Ahmed Tinubu, was designed with the intention of rapidly alleviating the financial struggles that Nigerians are currently undergoing amidst a rising inflation.
Addressing the urgent need to combat the current high inflation rates in Nigeria, the minister noted that the proposed fiscal measures, once implemented, will help alleviate the burden on Nigerians and bring the country out of its current economic distress.
Edun further outlined that upon implementation of the plan, import duty and tariff for a diverse range of goods, including staple food items, raw materials for manufacturing, agricultural inputs such as fertilisers, seedlings, and chemicals, as well as pharmaceutical products, poultry feeds, flour, and grains, among others, will be suspended. He added that the proposed fiscal measures would extend to authorising millers to import paddy rice at zero import duty and Value Added Tax (VAT) for a period of six months.
The minister’s statement partly read: “The import duty and other tariffs on the following items are hereby suspended for six months: staple food items, raw materials and other direct inputs used for manufacturing, inputs for agriculture production including
fertilizers, seedlings, chemicals, pharmaceutical products, poultry feeds, flour and grains.
“Value Added Tax, where applicable, is hereby suspended on the following items for the rest of the year 2024: Basic food items and semi-processed, staple food items such as noodles and raw material inputs for the manufacturing
of food items, electricity and public
transportation, agricultural inputs and produce, and pharmaceutical products.”
