Food prices are anticipated to drop significantly as the Nigeria Customs Service (NCS) implements duty waivers on imported consumables, following a directive from President Bola Tinubu.
Adewale Adeniyi, the Comptroller General of the NCS, announced on Tuesday that the waiver program is set to begin in the coming week.
Speaking at a press briefing in Abuja, Adeniyi detailed that the Ministry of Finance is finalizing the guidelines for the waiver, after which the NCS will proceed with its implementation.
Adeniyi highlighted that the waiver is a key component of the government’s efforts to tackle the ongoing food inflation crisis.
He noted that alongside the waiver, the government is also working on other initiatives, such as distributing food from national grain reserves, to help stabilize food supplies.
The Comptroller General emphasized the need for a balanced approach in implementing the waiver, ensuring it reduces food costs for consumers while also considering the impact on local farmers.
The NCS is working closely with the Ministry of Finance to ensure that the benefits of the waiver are equitably shared among all parties, including both consumers and farmers.
