The Nigeria Customs Service (NCS) has announced the suspension of import duties and taxes on essential food items to make them more affordable for Nigerians. This decision, communicated by Customs Comptroller General Bashir Adewale Adeniyi in a video posted on X, aligns with the Federal Government’s directive aimed at addressing the country’s economic challenges and rising food prices.
Adeniyi acknowledged that global inflation is impacting Nigeria and emphasized the NCS’s commitment to implementing this suspension effectively. He stated, “Global inflation is impacting nations worldwide, including Nigeria. To address this, the federal government through the Nigeria Customs Service is suspending import duties and taxes on essential food items to make them more affordable.
“In addition to the tariff suspension, Adeniyi highlighted efforts to streamline export processes, ensuring that Nigerian goods reach international markets efficiently. He warned that disruptions in the supply chain could negatively affect foreign investments and trade stability.In related news, the NCS reported surpassing its revenue target for the first half of 2024, collecting ₦2.74 trillion, which is an 8% increase over the target and a 127% rise compared to the previous year.
The service also intensified anti-smuggling operations, resulting in significant seizures and enhanced compliance in customs processes.