Customs’ll start Implementation of tax waiver on food items next week – CG

The Comptroller-General of Nigeria Customs Service, NCS, Bashir Adeyini, says customs will begin implementation of weaver of taxes on import food items and drugs by next week.

He announced this on Tuesday August 6, at a joint press briefing by service chiefs and heads of security agencies at the Defence Headquarters, Abuja.

Adeniyi, expressed hope that the suspension of duties and taxes on imported food items over some time would help reduce food prices.

The CG stated that his service is dedicated to implementing the policy as outlined by the government.
He said, “The protest was premised on a number of things, one of them being to end hunger. We discovered that a significant amount of food consumed in Nigeria is imported. Importation takes some time. So one of the things the president has done to cushion the effect of the cost of importation is to suspend customs duties and taxes on imported food items for a period of time.

“We believe that when this is implemented, it will help to bring down prices of food items in the markets. Nigerian Customs is committed to the implementation of this particular fiscal policy as enunciated by the government.

The Customs boss said the delay in the implementation of the tax weaver after President Bola Tinubu directive last week was due to delay in the implementation guidelines from the Ministry of Finance.

Adeniyi said, “One of the things that the President has done is to reduce the cost of food to reduce the effects of inflation by suspending customs duties and taxes on imported food items for a period of time. We believe that when this is implemented it will help to reduce prices of food items in the market.

“The Nigeria Customs is committed to the implementation of this particular fiscal policy as enunciated by the government. But we need to be very careful in implementation of this policy, and this is why the guidelines for implementation are being meticulously worked out at the Ministry of Finance.

“We must address the interest of all the stakeholders, because most of these food items are going to enjoy duty waivers and concessions are also being cultivated locally. And so there is the interest to strike.

“There is the issue of striking a balance between the interests, the long term interest of Nigerian farmers, Nigerian stakeholders who are involved in the production of these items and the short term interest of addressing food inflation.

“So the guidelines are being worked out at the Ministry of Finance and I can assure you that within the next one week these guidelines will be ready and Nigeria customs would begin implementation of these particular fiscal policies.”