President Bola Tinubu has authorized the Nigeria Customs Service to begin implementing zero-percent import duty and value-added tax exemptions on basic food goods.
The approval was verified by the Ministry of Finance in a letter to the Nigeria Customs Service, and the Comptroller-General directed officials to begin enforcement measures.
In the circular marked ‘Approval for the Implementation of Zero Percent Duty Rate on Basic Food Items’, the NCS stated that the Ministry of Finance sent a letter to the service alerting it that Tinubu had approved the implementation.
The letter dated August 14, 2024, and signed by the Deputy Comptroller-General, C.K Niagwan, noted that the food commodities include maize, husked brown rice, wheat, grain beans, and millet.
However, the policy is restricted to the items listed and is effective from July 15 to December 31, 2024.
The letter read, “I am directed to forward herewith a copy of the Federal Ministry of Finance letter, confirming His Excellency, Mr President’s aThe deputy director further stated that the finance ministry would provide the list of importers and approved quotas duringpproval for the implementation of zero per cent duty rate and Value Added Tax exemption on some basic food items.
“You are to note the following, ‘the policy is restricted to the items listed in the letter and it is effective July 15, 2024 until December 31, 2024. The importation of these items shall be limited to investors with milling capacity and a verifiable Backward Integration Programme for some of the items.”
The deputy director further stated that the finance ministry would provide the list of importers and approved quotas during the implementation period and called for wide coverage to ensure strict compliance.
