FG Freezes Import Taxes For Critical Food Products

FG Freezes Import Taxes For Critical Food Products

To address the effects of rising inflation in Nigeria, the Federal Government, through the Nigeria Customs Service (NCS), has announced a suspension of import duties and taxes on selected items. This action aims to lower the cost of these goods for Nigerians amid ongoing economic difficulties…….. CONTINUE READING 

Adewale Adeniyi, Comptroller General of the NCS, revealed the new policy on Tuesday, underscoring the government’s dedication to tackling inflation effectively. He also noted that the NCS has improved export processes to ensure smoother access for Nigerian products in global markets. These improvements include implementing advanced ruling systems, authorizing economic operators, and conducting time-release studies.

These initiatives are intended to boost trade, stimulate economic growth, and open new opportunities for Nigerian farmers, artisans, and entrepreneurs. “We are committed to executing this measure effectively to combat hunger in our nation,” Adeniyi stated.

In addition to these economic measures, the NCS is increasing efforts to prevent the smuggling of arms and dangerous weapons through Nigeria’s borders. Adeniyi cautioned that disruptions in supply chains could negatively impact foreign investment, distort trade, create instability, increase scarcity, and affect revenue collection.

“In these trying times, we must come together in resilience and cooperation. We appreciate those who have chosen peace and dialogue,” Adeniyi concluded, calling for constructive engagement from all Nigerians to overcome current challenges and work towards a brighter future.