Nigerian Govt unveils regulation to boost food security

Nigerian Govt unveils regulation to boost food security

The Federal Government has unveiled the Customs, Excise
Tariff Variation Order 2024 to boost food security and reduce inflation in the
country

 

Director Press and Public Relations, Ministry of Finance, Mr
Mohammed Manga, revealed this in a statement on Thursday in Abuja.

 

According to the statement, the Minister of Finance and
Coordinating Minister of the Economy, Mr Wale Edun, signed the regulation to
provide a framework for implementation of the Customs, Excise Tariffs Order
2024.

 

“In a bid to tackle food price inflation and stimulate
domestic agricultural growth, the Federal Government has introduced the
Regulation for implementation of the Customs, Excise Tariff, Etc. Variation
Order 2024,” Edun said.

 

He said that the move was aimed at controlling and reducing
food price inflation by waiving levies, duties, value-added taxes and tariffs
payable on the importation of basic food items.

 

According to him, with the introduction of these
regulations, Nigeria was poised to witness a significant reduction in food
price inflation, increased investment in the agricultural sector and enhanced
food security.

 

The minister also reiterated the government’s commitment to
creating an enabling environment for economic growth and this regulation was a
testament to that commitment.

 

Edun urged all eligible companies to take advantage of the
opportunity to contribute to the country’s food security and economic
development.

 

Source: Nigerian Govt unveils regulation to boost food security

 - NigerianEye
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