The Nigeria Customs Service has begun enforcing the zero percent import duty and Value-Added Tax exemption on essential food items, following President Bola Tinubu’s approval.
The Ministry of Finance confirmed the approval in a letter to the Nigeria Customs Service dated August 8, 2024. The Comptroller-General of the NCS, Bashir Adeniyi, has instructed officials to commence enforcement measures.
The exempted food commodities include maize, husked brown rice, wheat, grain beans, and millet. The policy is restricted to these items and is effective from July 15 to December 31, 2024.
Importation is limited to investors with milling capacity and a verifiable Backward Integration Programme. The finance ministry will provide the list of importers and approved quotas during the implementation period.
The Federal Government is expected to lose about N188 billion in revenue due to the suspension of import duties on food commodities. The customs service will ensure adequate implementation by enlisting special corridors to clear imports of food items.
The Federal Government announced the suspension of duties, tariffs, and taxes on the importation of food staples on July 10 to reduce inflation. The duty waiver on imported foods was scheduled for implementation within the next week, as announced by the NCS on August 7.
