The Nigerian Federal Government recently introduced the Customs, Excise Tariff Variation Order 2024 as a measure to enhance food security and alleviate inflation in the country.
Mr. Mohammed Manga, the Director of Press and Public Relations at the Ministry of Finance, disclosed this development in a statement released in Abuja. The regulation, signed by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, provides a framework for implementing the Customs, Excise Tariffs Order 2024.
The primary objective of this regulatory action is to address food price inflation, promote domestic agricultural growth, and boost food security. By waiving levies, duties, value-added taxes, and tariffs on the importation of essential food items, the government aims to control and reduce the cost of food items in the market.
This intervention is expected to lead to a reduction in food price inflation, encourage investment in the agricultural sector, and enhance overall food security across the nation.
Mr. Edun reiterated the government’s dedication to fostering a conducive environment for economic progress, emphasizing that the introduction of this regulation underscores that commitment.
He encouraged eligible companies to capitalize on this opportunity to contribute to Nigeria’s food security and economic advancement.
DNews Info is a trusted source for breaking news, insightful commentary, and in-depth coverage of events across Nigeria and beyond. With a commitment to delivering accurate, timely, and engaging stories, we aim to keep our readers informed and empowered. Stay connected for the latest updates in politics, business, entertainment, and more.
Discover more from DnewsInfo
Subscribe to get the latest posts sent to your email.
