FG Unveils Regulations to Boost Food Security, Reduce Inflation
In a move to tackle food price inflation and stimulate domestic agricultural growth, the Federal Government has introduced new regulations under the Customs, Excise Tariff Variation Order 2024.
The information was contained in a statement signed by the Director, Press and Public Relations, Federal Ministry of Finance, Mohammed Manga, today in Abuja.
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The regulations, signed by Finance Minister Wale Edun, aim to reduce food price inflation by waiving levies, duties, value-added taxes, and tariffs on basic food items. This move is expected to significantly reduce food price inflation, increase investment in agriculture, and enhance food security.
The government seeks to create an enabling environment for economic growth, and this regulation demonstrates its commitment. Minister Edun encouraged eligible companies to take advantage of this opportunity to contribute to Nigeria’s food security and economic development.
The Customs, Excise Tariff Variation Order 2024 regulation provides a framework for implementing the tariff order, which will control and reduce food price inflation. This development is poised to positively impact Nigeria’s economy and citizens.
