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Tinubu Approves Zero Import Duty, VAT Exemption on Essential Food Items
President Bola Tinubu has authorized the implementation of a zero percent import duty and the exemption of value-added tax (VAT) on essential food items.
This decision was confirmed in a letter from the Ministry of Finance to the Nigeria Customs Service (NCS).
In the letter, Finance Minister Wale Edun explained that this measure aims to alleviate the high cost of food in the Nigerian market.
However, it will be limited to addressing the national supply gap, as determined by a minister-established committee.
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Edun emphasised that importers seeking the duty waiver must demonstrate milling capacity and have a verifiable Backward Integration Programme (BIP), which involves sourcing raw materials locally to reduce reliance on foreign supplies.
Tinubu
“The importation of these items will be restricted to investors with milling capacity and a verifiable BIP for certain products,” the minister stated.
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Additionally, during the implementation period, the ministry will periodically provide customs with a list of approved importers and their quotas to regulate the importation of basic food items. Edun urged customs to ensure strict adherence to these guidelines.
EKO HOT BLOG reports that Bashir Adeniyi, the Comptroller-General of NCS, noted that the suspension of import duties on food commodities would result in a revenue loss of approximately N188 billion for the federal government. He assured that the NCS would ensure proper implementation by designating special corridors for clearing food imports.
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