The President Bola Tinubu administration may suspend the payment of import duties on staple food items, drugs, and other essential items.
This measure, which is to curb inflation, will be for an initial period of six months.
This was contained in an Executive Order expected to be issued by the President titled, “Inflation Reduction and Price Stability (Fiscal Policy Measures) Order 2024.”
The document did not include the signature of the President but was supposed to be signed in April.
The document also includes plans to waive levies on fertilisers, poultry feed, flour, and grains.
The executive order will mandate the Ministry of Finance and the Central Bank of Nigeria to devise a plan for offering low-interest loans to the agriculture, pharmaceutical, and manufacturing sectors.
“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 document read in part.
