Obasempire reports that Nigeria’s Agriculture Minister, Abubakar Kyari, affirmed that the Tinubu administration has halted duties, tariffs, and taxes on essential food imports such as beans, wheat, and husked brown rice.
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Kyari, in a statement posted on his social media profile, disclosed that the government has suspended “duties, tariffs, and taxes for the importation of certain food commodities through land and sea borders. These commodities include maize, husked brown rice, wheat, and cowpeas.”
In his statement, Mr Kyari said the imported food “will be subjected to a Recommended Retail Price (RRP).”
With this, the minister explained that the government hopes that the new food import policy will lead to a drastic reduction in the prices of basic food items, whose prices have increased astronomically since President Bola Tinubu removed subsidies on petrol and floated the naira to allow the value of the Nigerian currency to be determined by market forces.
Mr Kyari also said the federal government will massively import some food items in addition to allowing the duty-free importation of food.
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“The Federal Government will import 250,000 metric tons of wheat and 250,000 metric tons of maize. These semi-processed commodities will be supplied to small-scale processors and millers across the country,” he said.
This implies that the government is planning to import maize and wheat equivalent to approximately 2.5 million bags (100kg) of each commodity to ameliorate the shortages in the country and force down the prices in the market.
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