The Nigeria Customs Service (NCS) will soon begin enforcing a zero percent import duty and exemption from Value-Added Tax (VAT) on basic food items, following President Bola Tinubu’s approval. The directive, aimed at reducing the cost of essential foodstuffs in the country, was confirmed by the Ministry of Finance in a letter dated August 8, 2024.
The Comptroller-General of the NCS, Bashir Adeniyi, has instructed customs officials to start implementing the new policy, which was officially communicated in a circular titled “Approval for the implementation of zero per cent duty rate on basic food items.” The circular, signed by Deputy Comptroller-General C.K. Niagwan, outlines that the policy applies to specific food commodities, including maize, husked brown rice, wheat, grain beans, and millet.
This measure is set to be in effect from July 15 to December 31, 2024, and is restricted to the items listed. The government’s decision is expected to provide some relief to Nigerians facing high food prices and is part of broader efforts to address food security in the country.
The Customs Service has emphasized the importance of adhering strictly to the listed items, ensuring that the benefits of the policy are effectively passed on to the consumers.
Oreoluwa is an accountant and a brand writer with a flair for journalism.
