The Nigeria Customs Service (NCS) is ready to implement a zero per cent import duty and exemption of Value-Added Tax (VAT) on essential food items, following approval from President Bola Tinubu.
The Ministry of Finance confirmed the approval in a letter dated August 8, 2024, and the NCS also confirmed the news.
The Comptroller-General of the NCS, Bashir Adeniyi, has instructed officials to begin enforcing the new measures, as stated in a letter signed by Deputy Comptroller-General C.K Niagwan on August 14, 2024.
In the circular titled, “Approval for the implementation of zero per cent duty rate on basic food items”, the NCS said the Ministry of Finance sent a letter to the service, informing the agency that Tinubu has approved the implementation.
The list of food commodities covered by this policy includes maize, husked brown rice, wheat, grain beans, and millet. This policy is limited to the specified items and will be in effect from July 15 to December 31, 2024.
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