Kalu Aja, a financial analyst and educator, has accused President Bola Tinubu’s administration of not being serious about dropping food prices with the speed it deserves.
Aja, who noted that food inflation is a national crisis and an emergency, lamented that the government is creating a massive bureaucracy over the situation.
Newspot reported that the Nigeria Customs Service (NCS) had recently listed guidelines that companies must meet to benefit from the Zero Percent Duty Rate (0%) and Value Added Tax (VAT) exemption on selected basic food items, approved by the president.
It said the exemption will only be granted to companies that have maintained no outstanding tax liabilities or statutory payroll obligations over the past five years.
NCS also said that companies must also be incorporated in Nigeria and have been operational for a minimum of five years to qualify for the exemption.
Reacting to the guidelines, Aja said that NCS is being too bureaucratic and does not understand business.
Posting on X on Thursday, Aja said: “I read through the requirements for duty-free imports, and I say this administration is not serious about dropping food prices with the speed it deserves.
“Food inflation is a national crisis; it is an emergency, yet these guys are creating a massive bureaucracy over this.
“What is difficult is saying: Import, Customs charges duty, and Customs applies duty credit of 100 per cent.
“This is a very short-term window to drop food inflation. With all these requirements, why would anyone be incentivized?
“The Customs is too bureaucratic and does not understand business. What is the coordinating Minister of the Economy doing?”
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