This is contained in a statement signed by Mr Mohammed Manga, the Director Press and Public Relations, Ministry of Finance in Abuja on Thursday.
Mr Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, signed the regulation to provide framework for implementation of the Customs, Excise Tariffs Order 2024.
“In a bid to tackle food price inflation and stimulate domestic agricultural growth, the Federal Government has introduced the Regulation for implementation of the Customs, Excise Tariff, Etc. Variation Order 2024,” Edun said.
According to the minister, the move is aimed at controlling and reducing food price inflation by waiving levies, duties, value-added taxes and tariffs payable on the importation of basic food items.
Edun said that with the introduction of these regulations, Nigeria was poised to witness a significant reduction in food price inflation, increased investment in the agricultural sector and enhanced food security.
The minister also reiterated government’s commitment to creating an enabling environment for economic growth and this regulation was a testament to that commitment.
Edun urged all eligible companies to take advantage of the opportunity to contribute to the country’s food security and economic development.
