The Comptroller-General of Customs, Bashir Adeniyi, has expressed optimism that suspending duties and taxes on imported food items will lead to a reduction in food prices.
Addressing the media at a security heads’ meeting in Abuja on Tuesday, Adeniyi underscored the commitment of the Customs service to enforce the government’s policy.
Adeniyi explained that the suspension aims to address the high cost of food in Nigeria, given that a substantial portion of the country’s food is imported.
“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,” he said.
He added, “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.”
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Adeniyi also addressed the impact on local markets and the need to balance the interests of various stakeholders. “What does this kind of intervention imply for the local markets? Because we are trying to address the interests of all stakeholders. Those that are going to enjoy these duty waivers and concessions are also being cultivated by Nigerian farmers,” he stated.
He urged patience from Nigerians, noting that some imported goods currently in the country would be cleared without duties and taxes.
Adeniyi assured, “There is the issue of striking a balance between the long-term interests of Nigerian farmers, Nigerian stakeholders who are involved in the production of these items, and the short-term interests of food inflation. So, the guidelines are being worked out at the Ministry of Finance and I can assure you that within the next week, these guidelines will be ready and Nigerian Customs will begin implementation of these particular fiscal policies.
“So, I therefore urge Nigerians to be a little bit patient, believing that some of these items that have already arrived at our shores will be cleared without the imposition of Customs duty and taxes.”