Tinubu Eyes Import Duty Suspension On Food, Drugs

• Tinubu Eyes Import Duty Suspension On Food, Drugs, and essential commodities for six months to tackle inflation.

• Proposed Executive Order also includes waiving levies on fertilizers, poultry feed, flour, and grains, and offering low-interest loans to agriculture, pharmaceutical, and manufacturing sectors.

• Plan contradicts earlier statements by Tinubu on food imports, emphasizing domestic production to address shortages.

EKO HOT BLOG reports that the Federal Government is considering a plan to suspend import duties on staple food items, drugs, and other essential commodities for six months, aiming to curb inflation.

The proposed Executive Order, titled “Inflation Reduction and Price Stability (Fiscal Policy Measures) Order 2024,” includes waiving levies on fertilizers, poultry feed, flour, and grains.

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Additionally, low-interest loans will be provided to the agriculture, pharmaceutical, and manufacturing sectors.

Meanwhile, this plan contrasts with previous statements by Tinubu on food imports, who had emphasized domestic production to address shortages.

The government aims to address soaring food prices and stabilize the economy amid looming food crises.

The plan includes suspending taxes and levies, promoting Made in Nigeria goods, and prioritizing Naira payments.

Import Duty Suspension

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Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr. Muda Yusuf, praised the plan, citing its potential to alleviate economic challenges and stimulate the real sector.

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