Nigerian’s minister of Finance, Wale Edun has said that President Bola Ahmed Tinubu’s government is focused on long-term measures to boost food production and reduce inflation.
Edu disclosed this in a statement on the Ministry’s X account after the Nigeria Customs Service Board meeting held on Tuesday in Abuja.
At the meeting, the minister and the Customs Service board members discussed the implementation of the zero percent duty on selected food imports.
According to Edun, the tax waiver will tackle the ongoing food shortage and curb rising food prices.
“We discussed how to collaborate effectively to make food more affordable and accessible in the short term,” Edun said.
“This zero-duty measure is a temporary solution, but the administration is focused on long-term strategies to boost domestic food production.”
Recall that the government had on July 10 suspended taxes on the importation of food through land and sea borders to help reduce inflation.
The duty waiver, meant to take effect from July 15 to December 31, is limited to maize, husked brown rice, wheat, and cowpeas.
However, Nigerians are yet to see the impact of the policy on the prices of food.
The situation has been exacerbated by the recent hike in the pump price of petrol to N897 per litre from N617.
Nigeria’s inflation rate in July 2024 stood at 33.40 percent.
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