The Federal Government of Nigeria, led by President Bola Tinubu, may suspend import duties on essential items for six months to combat inflation
The suspension of import duties on staple food items, drugs and other essential goods is aimed at reducing the cost of living and easing economic pressures on Nigerian consumers.
The plan includes the removal of import duties on key commodities like fertilizers, poultry feed, flour and grains.
The Executive Order also mandates the Ministry of Finance and the Central Bank of Nigeria to develop a strategy for providing low-interest loans to critical sectors like agriculture, pharmaceuticals and manufacturing.
The president is likely to suspend the Value-Added Tax on automotive gas oil, basic food items and semi-processed staple food items.
The proposed plan contradicts President Tinubu's previous statements on food imports, in which he stated that his administration would not allow the importation of food.