Federal Government has unveiled Customs, Excise Tariff Variation Order 2024, to boost food security and reduce inflation.
Gatekeepers News reports that this was announced through a statement released by Director Press and Public Relations, Ministry of Finance, Mr Mohammed Manga, in Abuja on Thursday.
Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun signed the regulation to provide framework for implementation of Customs, Excise Tariffs Order 2024.
He said, “In a bid to tackle food price inflation and stimulate domestic agricultural growth, the Federal Government has introduced the Regulation for implementation of the Customs, Excise Tariff, Etc. Variation Order 2024.”
According to Edun; the move is aimed at controlling and reducing food price inflation by waiving levies, duties, and value-added taxes and tariffs payable on the importation of basic food items.
Edun noted that with the introduction of these regulations, Nigeria will witness a significant reduction in food price inflation, increased investment in agricultural sector, and enhanced food security.
The minister reiterated government’s commitment to creating an enabling environment for economic growth, adding that this regulation was a testament to that commitment.
Edun urged all eligible companies to take advantage of the opportunity to contribute to the country’s food security and economic development.
