THE CABLE
The Nigeria Customs Service (NCS) has announced requirements for the duty-free food importation.
On Wednesday, customs said it has began implementing the zero percent import duty and exemption of value-added tax (VAT) on basic food items.
The federal government, on July 10, announced the suspension of duties, tariffs, and taxes on the importation of food staples through land and sea borders to reduce inflation.
In a statement issued on Wednesday by Abdullahi Maiwada, chief superintendent of customs national public relations officer for the comptroller general of customs, the service said this policy took effect from July 15 to December 31.
“Drawing from the presidential directives aimed at alleviating the hardship faced by Nigerians due to high prices of essential food items, the Nigeria Customs Service (NCS) is pleased to announce that His Excellency, the President of the Federal Republic of Nigeria Bola Ahmed Tinubu GCFR through the Honourable Minister of Finance and the Coordinating Minister of the Economy, Olawale Edun has approved the regulation for the implementation of a Zero Percent Duty Rate (0%) and Value Added Tax (VAT) exemption on selected basic food items,” NCS said.
“This policy is effective from 15th July 2024 and will remain in force until 31st December 2024.
“This measure aims to mitigate the high cost of food items in the Nigerian market by making essential commodities more affordable for citizens.
“The initiative is part of the government’s broader efforts to address food security challenges and ensure that basic foodstuffs are accessible to all Nigerians.
“However, it is important to emphasise that while this temporary measure is intended to address current hardships, it does not undermine the long-term strategies put in place to safeguard local farmers and protect manufacturers.
“It is pertinent to note that the implementation of this policy will focus on addressing the national supply gap.”
According to the service, to participate in the importation, a company must be incorporated in Nigeria and have been operational for at least five years.
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