Customs begin import duty waiver on rice, other foodstuffs

Customs begin import duty waiver on rice, other foodstuffs

The Nigeria Customs Service is set to start the implementation of the zero per cent import duty and exemption of Value-Added Tax on basic food items haven gotten the approval of President Bola Tinubu.

The Ministry of Finance confirmed Tinubu’s approval in a letter to the Nigeria Customs Service dated August 8, 2024.

Subsequently, the Comptroller-General of the NCS, Bashir Adeniyi, instructed officials of the service in a circular to commence enforcement measures.

In the circular titled, “Approval for the implementation of zero per cent duty rate on basic food items,” the NCS said the Ministry of Finance sent a letter to the service, informing the agency that Tinubu has approved the implementation.

The letter dated August 14, 2024, and signed by the Deputy Comptroller-General, C.K Niagwan, noted that the food commodities include maize, husked brown rice, wheat, grain beans, and millet.

She stated that the policy is restricted to the items listed and is effective from July 15 to December 31, 2024.

The deputy director further stated that the finance ministry would provide the list of importers and approved quotas during the implementation period and called for wide coverage to ensure strict compliance.

“The Federal Ministry of Finance shall from time to time, during the implementation period, furnish the Nigeria Customs Service with the list of importers and their approved quotas to guide the importation of the basic food items. Ensure wide circulation for strict compliance, please,” the circular added.

Recall that the Federal Government announced on July 10 the suspension of duties, tariffs, and taxes on the importation of food staples through land and sea borders to reduce inflation.