Politics
Customs Announces 150-Day Import Waiver Dor Staple Foods With New Guidelines
Customs Announces 150-Day Import Waiver Dor Staple Foods With New Guidelines....KINDLY READ THE FULL STORY HERE▶
The Nigeria Customs Service has issued guidelines for a 150-day tariff waiver on select staple foods, following President Bola Tinubu’s approval of the ‘zero tariff’ initiative……. CONTINUE READING
In a statement released by Customs spokesperson Abdullahi Maiwada on Wednesday, it was revealed that food items benefiting from the zero tariff include husked brown rice, grains, sorghum, millet, maize, wheat, and beans. This measure is designed to reduce the high cost of food in the Nigerian market and make essential commodities more affordable.
The statement explained that the waiver is part of the government’s broader strategy to address food security and ease the financial burden on Nigerians. The zero-percent duty rate and VAT exemption will be in effect from July 15 to December 31, 2024.
To qualify for this waiver, companies must be Nigerian-registered, operational for at least five years, and have complied with tax and statutory obligations. Specific requirements include owning milling plants or having significant agricultural operations, depending on the food item being imported.
The Federal Ministry of Finance will provide the Nigeria Customs Service with a list of approved importers and their quotas. Imported items must be sold through recognized commodities exchanges, and comprehensive records of transactions must be maintained. Failure to adhere to these regulations will result in the loss of waivers and the imposition of applicable VAT, levies, and import duties.
This temporary policy is intended to address immediate food price challenges while balancing the long-term support for local farmers and manufacturers.
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