Lucky Obukohwo, Reporting
Prices of food stuffs are expected to plummet as the Nigeria Customs Service (NCS) commences the implementation of duty waivers on imported consumables, in line with President Bola Tinubu’s recent directive.
He made the disclosure during a joint press briefing with other security agencies in Abuja, Adeniyi, while providing details on the upcoming changes, noted that the Ministry of Finance was in the final stages of preparing the guidelines for the waiver. “Once these guidelines are completed, the Customs Service will immediately move forward with the implementation”, he assured.
Comptroller General of the Nigeria Customs Service (NCS), Adewale Adeniyi, who disclosed this, said initiative is expected to start within the coming week.
The Customs boss stressed the government’s dedication to addressing the persistent food inflation crisis affecting the country.
He underscored that the duty waiver is a strategic part of broader efforts aimed at alleviating this economic pressure. In addition to the waiver, other measures, such as the distribution of food items from the national grain reserves, are being pursued to stabilize the food supply.
The Comptroller-General also stressed the importance of a carefully balanced approach in the implementation of the waiver.
Adeniyi added that while the waiver aims to support consumers by reducing food costs, it is also crucial to consider the impact on local farmers.
According to him “To this end, the NCS is collaborating closely with the Ministry of Finance to ensure that the waiver’s benefits are distributed fairly among all stakeholders, including farmers and consumers alike”.