Economic Hardship: FG suspends import duty on rice and other food items to ease inflation.

For a period of six months, the federal government has removed import duties and other levies on basic foods, raw materials, and inputs used in industry, agriculture, and the production of pharmaceuticals. The goal of this action is to stabilize prices and lower inflation. President Bola Ahmed Tinubu’s Executive Order states that the suspension applies to fertilizers, chemicals, seedlings, poultry feed, flour, and cereals, among other necessities....Read The Full Story Here ▶

Additionally, by setting the exchange rate at N800 to $1 for a period of six months, the decree grants a rebate on import duty.

The Nigeria Customs Service has been instructed by the government to expedite the clearance of food goods, manufacturing inputs, and agricultural equipment at ports in order to increase productivity.

The goal is to decrease the clearance time by a minimum of 50%. State and local government councils are encouraged by the decree to implement comparable productivity-boosting measures.

Additionally, it requires government organizations to abstain from taking any acts that would harm industries or enterprises.

It is anticipated that this action will enhance local supply and capacity utilization across a range of businesses, including rice milling.

For a six-month period, authorized millers can now import paddy rice with no duty or VAT.

As per the directive, the government is mandated to give precedence to the execution of authorized capital projects related to fundamental infrastructure, such as public sanitation, solar-powered food storage facilities, and access roads to farms.

The statement further stated that this purpose will get at least half of the additional money generated by the withdrawal of PMS subsidies and the Naira flotation.

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