Customs CG Predicts Lower Food Prices with Suspension of Import Duties, Taxes

The Comptroller-General of Customs, Bashir Adeniyi, has expressed optimism that suspending duties and taxes on imported food items will lead to a reduction in food prices. Addressing the media at a security heads’ meeting in Abuja on Tuesday, Adeniyi underscored the commitment of the Customs service to enforce the government’s policy.

Adeniyi explained that the suspension aims to address the high cost of food in Nigeria, given that a substantial portion of the country’s food is imported. “The protest was premised on a number of things, one of them being to end hunger. We discovered that a significant amount of food consumed in Nigeria is imported. Importation takes some time. So one of the things the president has done to cushion the effect of the cost of importation is to suspend customs duties and taxes on imported food items for a period of time,” he said.

He added, “We believe that when this is implemented, it will help to bring down prices of food items in the markets. Nigerian Customs is committed to the implementation of this particular fiscal policy as enunciated by the government.”

Adeniyi also addressed the impact on local markets and the need to balance the interests of various stakeholders. “What does this kind of intervention imply for the local markets? Because we are trying to address the interests of all stakeholders. Those that are going to enjoy these duty waivers and concessions are also being cultivated by Nigerian farmers,” he stated.

He urged patience from Nigerians, noting that some imported goods currently in the country would be cleared without duties and taxes. Adeniyi assured, “There is the issue of striking a balance between the long-term interests of Nigerian farmers, Nigerian stakeholders who are involved in the production of these items, and the short-term interests of food inflation. So, the guidelines are being worked out at the Ministry of Finance and I can assure you that within the next week, these guidelines will be ready and Nigerian Customs will begin implementation of these particular fiscal policies. So, I therefore urge Nigerians to be a little bit patient, believing that some of these items that have already arrived at our shores will be cleared without the imposition of Customs duty and taxes.”

In a separate statement, Inspector General of Police, Kayode Egbetokun, discussed the current security situation.

Although tensions had diminished in some states following the president’s address, Egbetokun reported ongoing issues in states such as Kaduna, Kano, Katsina, and Bauchi.

“We are all aware that in the last 5-6 days, our country has been troubled with the spate of violent protests in some states. After the address of Mr. President on Sunday, tension doused, and peaceful protesters heeded the call of Mr. President to a brief dialogue. But we still have in a few states, in Kano, Kaduna, Katsina, and Bauchi states, groups of people who started a subversive campaign waving flags of other countries and openly calling for a military takeover of our country,” he said.

Egbetokun cautioned against involvement with foreign flags, labeling such actions as treasonable.

“This is not a protest, but an offence of treasonable felony. The Police have arrested a number of them and they will be dealt with accordingly. I want to use this opportunity to warn our youth to desist from accepting foreign flags from agents of destabilisation.

” It is very, very implicative for them to be seen with flags of other countries while protesting. So far, the situation is under control and we believe that after this press conference, those misguided elements and their sponsors will desist from this act of treason”, Egbetokun said.