Edun, who is Nigeria’s Finance Minister, added that the fiscal measures, when implemented, will help combat high inflation
By Kehinde Okeowo
Minister of Finance and Coordinating Minister of Nigeria’s Economy, Wale Edun has revealed that the federal government is taking steps to bring down inflation through suspension of tariff and import duty on certain items.
According to him, the FG is planning to suspend tariffs and import duties on food, pharmaceuticals and some other essential items.
The Minister made this known while presenting a proposed Accelerated Stabilisation and Advancement Plan, (ASAP) to Nigerians.
He stated that the plan, recently presented to President Bola Ahmed Tinubu, was designed to end Nigeria’s economic hardship.
This comes as Nigeria’s headline and food inflation increased to 33.69 percent and 40.53 percent, respectively.
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Edun explained that the fiscal measures, when implemented, will help combat the current high inflation and take Nigeria out of the woods.
He further said the order upon implementation will bring about the suspension of import duty and tariff for staple food items, raw materials and other direct inputs used for manufacturing, inputs for agriculture production, including fertilizers, seedlings, chemicals, pharmaceutical products, poultry feeds, flour and grains.
Similarly, it will authorise millers to import paddy rice at zero duty and Value Added Tax for 6 months.
Edun said: “The import duty and other tariffs on the following items are hereby suspended for six months: staple food items, raw materials and other direct inputs used for manufacturing, inputs for agriculture production including
fertilizers, seedlings, chemicals, pharmaceutical products, poultry feeds, flour and grains.”
He added: “Value Added Tax, where applicable, is hereby suspended on the following items for the rest of the year 2024: Basic food items and semi-processed, staple food items such as noodles and raw material inputs for the manufacturing
of food items, electricity and public
transportation, agricultural inputs and produce, and pharmaceutical products.”
Rising Inflation in the country has led to unbearable hardship on Nigerians, especially as purchasing power continued to shrink while commodity prices kept rising.