In a bid to curb rising food prices in Nigeria, the government has announced the suspension of taxes on certain food imports like wheat and maize for 150 days. This move comes as part of a broader strategy to tackle food inflation, which has risen to over 40% year-on-year, and stimulate economic growth in the country.
President Bola Tinubu has instructed his economic team to develop a 2 trillion naira stimulus plan to address concerns about food supply and pricing. The government plans to import 250,000 metric tons of wheat and maize to support small-scale processors and millers.
Food inflation in Nigeria has been exacerbated by factors such as insecurity in food-producing regions and poor transportation infrastructure. The tax waiver will apply to food commodities imported via land and sea borders to ease the burden on consumers.
These measures aim to alleviate the cost of living crisis in Nigeria and combat double-digit inflation. The government is taking proactive steps to stabilize prices and ensure food security for its citizens.
Source: Reuters