Inflation Relief: Customs removes import duties, taxes on food items
The Nigeria Customs Service (NCS) has announced the suspension of import duties and taxes on essential food items, a move aimed at making food more affordable for Nigerians amid global inflation.
This significant policy change was revealed in a video posted on X by the Customs Comptroller General, Bashir Adewale Adeniyi. He emphasized that the suspension is in line with the Federal Government’s directive to ease the burden of rising food costs on citizens.
“Global inflation is impacting nations worldwide, including Nigeria. To address this, the federal government through the Nigeria Customs Service is suspending import duties and taxes on essential food items to make them more affordable. We’re committed to implementing this measure seamlessly to address the problem of hunger in our nation,” Adeniyi stated.
Adeniyi also highlighted that the NCS is streamlining export processes to ensure Nigerian goods reach international markets efficiently. He warned that any disruptions in the supply chain could affect foreign investments, distort trades, promote instability, increase scarcity, and hinder revenue collection.
READ ALSO: Customs exceeds revenue expectations with N2.74trn in 1st half of 2024
In related news, the NCS has reported surpassing its revenue target for the first half of 2024. Despite an initial target of ₦2.54 trillion, the agency collected ₦2.74 trillion, exceeding the goal by 8 percent and marking a 127 percent increase over the previous year’s revenue. The NCS National Public Relations Officer, Abdullahi Maiwada, disclosed these figures in a mid-year performance report.
From January to June 2024, the NCS made 2,442 seizures with a Duty Paid Value (DPV) of ₦25.5 billion, a 203 percent increase over the first half of 2023. The top seized items included wildlife, vehicles, arms and ammunition, foreign rice, pharmaceuticals, and narcotics, with 32 suspects in custody.
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