BREAKING: Tinubu suspends tax, import duties on wheat, maize, brown rice

By Adedayo Osho

President Bola Tinubu has approved a 150-day duty-free import window for food commodities ranging from maize to husked brown rice, wheat, and cowpeas.

This directive was made by Senator Abubakar Kyari, Minister of Agriculture and Food Security, during a press briefing at the National Press Centre, Radio House, Abuja, on Monday, July 8, 2024.

The initiative also suspends duties, tariffs, and taxes on these imports through both land and sea borders.

Kyari said the measure is part of the Presidential Accelerated Stabilisation and Advancement Plan.

Under the new arrangement, imported food commodities will be subject to a new policy called Recommended Retail Price (RRP).

"The government’s position exemplifies standards that would not compromise the safety of the various food items for consumption," said Kyari.

In addition to private sector imports, the Federal Government will import 250,000 metric tonnes of wheat and 250,000 metric tonnes of maize.

These semi-processed commodities are intended to support small-scale processors and millers across Nigeria.

Kyari said the initiative was urgent and will help address issues revolving around high food prices.

The Minister lamented that "The government could not allow this situation to persist."

Despite ongoing agricultural initiatives by the Federal Ministry of Agriculture and Food Security and state governments, immediate measures are necessary to alleviate the current crisis.

Kyari said "While there are ongoing agricultural initiatives, programmes, and projects under the Federal Ministry of Agriculture and Food Security, and state governments also have theirs, we must respond to the creeping availability crisis."

He added that "As the government continues to encourage agricultural production on a sustainable and profitable basis for farmers, the time lag between cultivation and harvest makes it inevitable for the government to kick in stop-gap measures that will bring tremendous relief to Nigerians."