JUST IN: Nigerian Govt unveils regulation to boost food security

The Federal Government has unveiled the Customs, Excise Tariff Variation Order 2024 to boost food security and reduce inflation in the country

 

Director Press and Public Relations, Ministry of Finance, Mr Mohammed Manga, revealed this in a statement on Thursday in Abuja.

 

According to the statement, the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, signed the regulation to provide a framework for implementation of the Customs, Excise Tariffs Order 2024.

 

“In a bid to tackle food price inflation and stimulate domestic agricultural growth, the Federal Government has introduced the Regulation for implementation of the Customs, Excise Tariff, Etc. Variation Order 2024,” Edun said.

 

He said that the move was aimed at controlling and reducing food price inflation by waiving levies, duties, value-added taxes and tariffs payable on the importation of basic food items.

 

According to him, with the introduction of these regulations, Nigeria was poised to witness a significant reduction in food price inflation, increased investment in the agricultural sector and enhanced food security.

 

 

The minister also reiterated the government’s commitment to creating an enabling environment for economic growth and this regulation was a testament to that commitment.

 

Edun urged all eligible companies to take advantage of the opportunity to contribute to the country’s food security and economic development.