The Nigeria Customs Service has suspended import duties and taxes on essential food items to ease the burden of rising food prices. This measure, aimed at mitigating the impact of global inflation, is part of the Federal Government's efforts to make food more affordable for Nigerians.
The Nigeria Customs Service (NCS) has announced a suspension of import duties and taxes on essential food items to address rising food prices and alleviate the economic strain on Nigerians. This decision, revealed by Customs Comptroller General Bashir Adewale Adeniyi in a video on X, aims to make food more affordable amidst global inflation impacts.
Adeniyi emphasized that the suspension aligns with the Federal Government’s directive to combat hunger and reduce the cost of living. The NCS is committed to implementing this measure effectively while maintaining efficiency in export processes to support international trade.
In addition to the suspension, the NCS reported exceeding its revenue target for the first half of 2024. The service collected ₦2.74 trillion, surpassing its target by 8% and achieving a 127% increase from the previous year. This includes ₦1.395 trillion collected in the second quarter alone, which is a 131% increase compared to Q2 2023. The NCS also reported a significant rise in anti-smuggling operations, with 2,442 seizures totaling ₦25.5 billion in Duty Paid Value (DPV) from January to June 2024.
Despite the positive revenue performance, the NCS warned that disruptions in the supply chain could impact foreign investments and trade stability. The suspension of import duties is a crucial step in addressing these challenges and supporting Nigerian households during these tough economic times.
