The Federal Government has introduced the Customs, Excise Tariff Variation Order 2024 to enhance food security and curb inflation.
This was announced by Mohammed Manga, the Director of Press and Public Relations for the Ministry of Finance, in a statement released on Thursday in Abuja.
The statement highlighted that the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, signed the regulation to establish a framework for implementing the Customs, Excise Tariffs Order 2024.
Edun explained that the new regulation aims to address food price inflation and promote domestic agricultural growth by waiving levies, duties, value-added taxes, and tariffs on the importation of essential food items.
He emphasized that the regulation is expected to lead to a significant reduction in food price inflation, increased investment in agriculture, and improved food security in Nigeria.
The minister also reaffirmed the government’s dedication to fostering economic growth, noting that this regulation reflects that commitment. Edun encouraged eligible companies to take advantage of this opportunity to contribute to the nation’s food security and economic development.
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