Nigeria FG Considers Import Duty Halt on Essential Items Amidst Economic Strain

FG is considering a six-month suspension of import duties on staple food items and drugs to tackle inflation, awaiting President Tinubu's approval. However, this proposal contradicts Tinubu's previous stance on food imports amid Nigeria's food crisis and soaring inflation rates, with rice prices surging by 169% in the past year.

The Federal Government is contemplating a six-month suspension of import duties on essential items like staple food, drugs, and more, in a bid to combat inflation, as per a report seen by Nairametrics.

However, President Bola Tinubu is yet to approve the proposal, which also includes waiving levies on items such as fertilizers and poultry feed. Additionally, plans entail low-interest loans to key sectors like agriculture and pharmaceuticals.

This move aims to bolster production and curb inflation. Meanwhile, a potential contradiction arises as the proposal conflicts with Tinubu's earlier stance on food imports.

Nigeria faces a looming food crisis, with prices soaring and food inflation hitting 40.5%, especially affecting rice prices. Around 31 million Nigerians may confront severe food shortages by August, amplifying economic and societal challenges.