The Minister of Finance, Wale Edun disclosed this in a recent presentation of the proposed Accelerated Stabilisation and Advancement Plan, ASAP.
Edun stated that the plan, recently presented to President Bola Ahmed Tinubu, was designed to end Nigeria’s economic hardship.
This comes as Nigeria’s headline and food inflation increased to 33.69 percent and 40.53 percent, respectively.
The inflation portends unbearable hardship for Nigerians as purchasing power continues to shrink upon rising prices while remaining unchanged.
As a solution, Edun explained that the fiscal measures, when implemented, will take Nigeria out of the woods.
He said the order upon implementation will bring about the suspension of import duty and tariff for staple food items, raw materials and other direct inputs used for manufacturing, inputs for agriculture production, including fertilizers, seedlings, chemicals, pharmaceutical products, poultry feeds, flour and grains.
Similarly, it will authorise millers to import paddy rice at zero duty and Value Added Tax for 6 months
“The import duty and other tariffs on the following items are hereby suspended for six months: staple food items, raw materials and other direct inputs used for manufacturing, inputs for agriculture production including
fertilizers, seedlings, chemicals, pharmaceutical products, poultry feeds, flour and grains.
“Value Added Tax, where applicable, is hereby suspended on the following items for the rest of the year 2024: Basic food items and semi-processed, staple food items such as noodles and raw material inputs for the manufacturing
of food items, electricity and public
transportation, agricultural inputs and produce, and pharmaceutical products”, the document partly reads.
from dailypost
This comes as Nigeria’s headline and food inflation increased to 33.69 percent and 40.53 percent, respectively.
The inflation portends unbearable hardship for Nigerians as purchasing power continues to shrink upon rising prices while remaining unchanged.
As a solution, Edun explained that the fiscal measures, when implemented, will take Nigeria out of the woods.
He said the order upon implementation will bring about the suspension of import duty and tariff for staple food items, raw materials and other direct inputs used for manufacturing, inputs for agriculture production, including fertilizers, seedlings, chemicals, pharmaceutical products, poultry feeds, flour and grains.
Similarly, it will authorise millers to import paddy rice at zero duty and Value Added Tax for 6 months
“The import duty and other tariffs on the following items are hereby suspended for six months: staple food items, raw materials and other direct inputs used for manufacturing, inputs for agriculture production including
fertilizers, seedlings, chemicals, pharmaceutical products, poultry feeds, flour and grains.
“Value Added Tax, where applicable, is hereby suspended on the following items for the rest of the year 2024: Basic food items and semi-processed, staple food items such as noodles and raw material inputs for the manufacturing
of food items, electricity and public
transportation, agricultural inputs and produce, and pharmaceutical products”, the document partly reads.
from dailypost
Any policy that will ameliorate the suffering cos the hardship is hitting harder everyday.
ReplyDeleteGod no go shame us oh
This will be very good if the govt will truly do as they've said.
ReplyDeleteHonestly. Buying medications like antibiotics, vitamin c, cough & paracetamol syrups for kids are now so expensive.
DeleteThis is a welcoming plan 🙌🏽
As an Economist that I am , it's a good move. This will help to curb inflation. Because it will reduce the incidence of tax upon the final consumers which are the masses.
ReplyDeletethank God for this initiative, else ehn na protest go remain worse than ENDSARS
DeleteGood one!
ReplyDeleteBetter, things are no longer normal in the country.
ReplyDeleteGood news o
ReplyDeleteI hope this works, bcos e choke die!
ReplyDeleteWell done 👍
ReplyDeleteThey're finally using their sense.
ReplyDeleteI think say they came into power to starve the masses with hunger.🤯
Goodnews👍
ReplyDeleteI hope the middlemen in food business won't be greedy.
That is the Koko because our people sef too do
DeleteGood news
ReplyDeleteGood news
ReplyDeleteLet's start from there... If food matter don comot...d remaining na small
Good news. I hope the implementation goes smoothly and transparently. We don't want to hear that this policy created new billionaires and left us, the masses, hungrier than we were.
ReplyDeleteThey should sha be fast about it before we the poor sieze breathing
ReplyDeleteThat's very thoughtful of the govt
ReplyDeleteWay to go 👏👏👏. God bless Nigeria.
ReplyDeleteThey should do the needfull
ReplyDeleteEjoooor oooo
Basket of tomatoes is 120k
If you buy tomatoes 2k to make stew he no dey reach any where...
Hello iya boys