In line with President Bola Tinubu’s directive, food prices are expected to crash as the Nigeria Customs Service, NCS, begins implementation of duty waivers on imported consumables.
Comptroller General of the Nigeria Customs Service, NCS, Adewale Adeniyi gave the assurance on Tuesday, during a joint press briefing with other security agencies in Abuja.
Adeniyi while providing details on the upcoming changes, stated that the initiative is expected to start within the coming week.
The Comptroller General noted that the Ministry of Finance was in the final stages of making the guidelines for the waiver.
He said;“ Once these guidelines are complete, the Customs Service will immediately move forward with the implementation”.
He stressed the government’s dedication to addressing the persistent food inflation crisis affecting the country.
The Customs boss explained that the duty waiver is a strategic part of broader efforts aimed at alleviating economic pressure in the nation.
He further revealed that other measures, such as the distribution of food items from the national grain reserves, are being pursued to stabilize the food supply.
He reiterated the importance of a carefully balanced approach in the implementation of the waiver.
To fully utilize the process, he said the NCS would be 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.
