As a step to combat inflation, the federal government may have implemented a proposal that suspends payment of import tariffs on staple food products, pharmaceuticals, and other critical commodities for a six-month period.
This was stated in the President’s next Executive Order, titled “Inflation Reduction and Price Stability (Fiscal Policy Measures) Order 2024.”
According to reports, the paper did not have the President’s signature but was intended to be signed in April.
The paper also includes proposals to eliminate tariffs on fertiliser, chicken feed, bread, and cereals.
The presidential order would direct the Ministry of Finance and the Central Bank of Nigeria to develop a strategy for providing low-interest loans to the agricultural, pharmaceutical, and industrial sectors.
The document said:
“The import duty and other tariffs are to be suspended on the following for six months: Staple food items; Raw materials and other direct inputs used for manufacturing: Inputs for agriculture production including fertilisers, seedlings, and chemicals, Pharmaceutical products, Poultry feeds, flour and grains.
“The president is also likely to suspend the Value-Added Tax on Automotive Gas Oil, some basic food items and semi-processed staple food items such as noodles and pasta, raw-material inputs for the manufacture of food items, electricity and public transportation, as well as agricultural inputs and produce and pharmaceutical products for the rest of the year.
“Suspension of Specific Taxes and Levies: For six months, the order suspends various taxes and levies, such as road haulage tax and other transportation-related charges; fees on bicycles, trucks, canoes, wheelbarrows, and carts; business premises registration; taxes and levies on shops, kiosks, and markets; animal trade and produce sales tax.”
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cc: Punch Ng
