The Federal Government has launched the Customs, Excise Tariff Variation Order 2024, aiming to enhance food security and reduce inflationary pressures across the country.
This development was disclosed in a statement signed by Mr. Mohammed Manga, Director of Press and Public Relations at the Ministry of Finance, in Abuja on Thursday.
The regulation, endorsed by Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, outlines the framework for implementing the Customs, Excise Tariffs Order 2024. According to Edun, the initiative is a strategic effort to combat rising food prices and encourage domestic agricultural production.
“In a bid to tackle food price inflation and stimulate domestic agricultural growth, the Federal Government has introduced the Regulation for the implementation of the Customs, Excise Tariff, Etc. Variation Order 2024,” Edun stated.
The minister emphasized that the new policy is designed to control and reduce food price inflation by waiving levies, duties, value-added taxes, and tariffs on the importation of essential food items.
Edun expressed confidence that these measures would lead to a significant decrease in food price inflation, spur investment in the agricultural sector, and bolster the nation’s food security. He also reaffirmed the government’s commitment to fostering an environment conducive to economic growth, with this regulation serving as a clear testament to that dedication.
He encouraged all eligible companies to seize this opportunity to contribute to Nigeria’s food security and economic development.
