\n
The Nigeria Customs Service has announced guidelines for the implementation of a 150-day tariff waiver on selected staple foods.<\/p>\n
This was disclosed in a statement by Customs\u2019 spokesperson, Abdullahi Maiwada on Wednesday.<\/p>\n
The development followed the approval of the \u2018zero tariff\u2019 by President Bola Tinubu.<\/p>\n
Food items to enjoy the zero tariff include husked brown rice, grain, sorghum, millet, maize, wheat and beans.<\/p>\n
The statement said the measure is aimed at mitigating the high cost of food items in the Nigerian market by making essential commodities more affordable for citizens.<\/p>\n
\u201cDrawing from the Presidential directives aimed at alleviating the hardship faced by Nigerians due to high prices of essential food items, the Nigeria Customs Service (NCS) is pleased to announce that His Excellency, the President of the Federal Republic of Nigeria Bola Ahmed Tinubu GCFR through the Honourable Minister of Finance and the Coordinating Minister of the Economy, Olawale Edun has approved the regulation for the implementation of a Zero Percent Duty Rate (0%) and Value Added Tax (VAT) exemption on selected basic food items.<\/p>\n
\u201cThis measure aims to mitigate the high cost of food items in the Nigerian market by making essential commodities more affordable for citizens.<\/p>\n
\u201cThe initiative is part of the government\u2019s broader efforts to address food security challenges and ensure that basic foodstuffs are accessible to all Nigerians.<\/p>\n
\u201cHowever, it is important to emphasize that while this temporary measure is intended to address current hardships, it does not undermine the long-term strategies put in place to safeguard local Farmers and protect Manufacturers.<\/p>\n
\u201cIt is pertinent to note that the implementation of this policy will focus on addressing the national supply gap. To participate in the zero-duty importation of basic food items, a company must be incorporated in Nigeria and have been operational for at least five years. It must have filed annual returns and financial statements and paid taxes and statutory payroll obligations for the past five years.<\/p>\n
\u201cCompanies importing husked brown rice, grain sorghum, or millet need to own a milling plant with a capacity of at least 100 tons per day, operate for at least four years and have enough farmland for cultivation. Those importing maize, wheat, or beans must be agricultural companies with sufficient farmland or feed mills\/agro-processing companies with an out-grower network for cultivation.<\/p>\n
\u201cThe Federal Ministry of Finance will periodically provide the NCS with a list of importers and their approved quotas to facilitate the importation of these basic food items within the framework of this policy.<\/p>\n
\u201cThe policy requires that at least 75% of imported items be sold through recognized commodities exchanges, with all transactions and storage recorded.<\/p>\n
\u201cCompanies must keep comprehensive records of all related activities, which the government can request for compliance verification. If a company fails to meet its obligations under the import authorization, it will lose all waivers and must pay the applicable VAT, levies, and import duties.<\/p>\n
\u201cThis penalty also applies if the company exports the imported items in their original or processed form outside Nigeria,\u201d the statement reads.<\/p>\n
The policy is effective from July 15 until December 31, 2024.<\/p>\n
Recall that the Nigerian government announced a plan to\u00a0suspend tariffs on staple food<\/a>\u00a0to reduce rising food prices.<\/p>\n","protected":false},"excerpt":{"rendered":" The Nigeria Customs Service has announced guidelines for the implementation of a 150-day tariff waiver<\/p>\n","protected":false},"author":1,"featured_media":43942,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[],"class_list":["post-43941","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"featured_image_urls":{"full":["https:\/\/www.imotrumpeta.com\/wp-content\/uploads\/2024\/08\/custom.png",636,358,false],"thumbnail":["https:\/\/www.imotrumpeta.com\/wp-content\/uploads\/2024\/08\/custom-150x150.png",150,150,true],"medium":["https:\/\/www.imotrumpeta.com\/wp-content\/uploads\/2024\/08\/custom-300x169.png",300,169,true],"medium_large":["https:\/\/www.imotrumpeta.com\/wp-content\/uploads\/2024\/08\/custom.png",636,358,false],"large":["https:\/\/www.imotrumpeta.com\/wp-content\/uploads\/2024\/08\/custom.png",636,358,false],"1536x1536":["https:\/\/www.imotrumpeta.com\/wp-content\/uploads\/2024\/08\/custom.png",636,358,false],"2048x2048":["https:\/\/www.imotrumpeta.com\/wp-content\/uploads\/2024\/08\/custom.png",636,358,false],"elegant-magazine-featured":["https:\/\/www.imotrumpeta.com\/wp-content\/uploads\/2024\/08\/custom.png",636,358,false],"elegant-magazine-medium":["https:\/\/www.imotrumpeta.com\/wp-content\/uploads\/2024\/08\/custom.png",636,358,false],"elegant-magazine-medium-small":["https:\/\/www.imotrumpeta.com\/wp-content\/uploads\/2024\/08\/custom.png",300,169,false],"elegant-magazine-thumbnail-small":["https:\/\/www.imotrumpeta.com\/wp-content\/uploads\/2024\/08\/custom.png",50,28,false]},"author_info":{"info":["Imo Trumpeta"]},"category_info":"News<\/a>","tag_info":"News","comment_count":"0","_links":{"self":[{"href":"https:\/\/www.imotrumpeta.com\/index.php?rest_route=\/wp\/v2\/posts\/43941","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.imotrumpeta.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.imotrumpeta.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.imotrumpeta.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.imotrumpeta.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=43941"}],"version-history":[{"count":1,"href":"https:\/\/www.imotrumpeta.com\/index.php?rest_route=\/wp\/v2\/posts\/43941\/revisions"}],"predecessor-version":[{"id":43943,"href":"https:\/\/www.imotrumpeta.com\/index.php?rest_route=\/wp\/v2\/posts\/43941\/revisions\/43943"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.imotrumpeta.com\/index.php?rest_route=\/wp\/v2\/media\/43942"}],"wp:attachment":[{"href":"https:\/\/www.imotrumpeta.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=43941"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.imotrumpeta.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=43941"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.imotrumpeta.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=43941"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}