President Bola Tinubu’s administration may postpone payment of import tariffs on staple foods, pharmaceuticals, and other necessities.
This inflation-control measure will be in effect for six months at first.
This was stated in the President’s next Executive Order, titled “Inflation Reduction and Price Stability (Fiscal Policy Measures) Order 2024.”
The paper did not include the President’s signature, but it was expected to be signed in April.
The document also includes proposals to eliminate levies on fertilizer, chicken feed, bread, and cereals.
The executive order will mandate the Ministry of Finance and the Central Bank of Nigeria to devise a plan for offering low-interest loans to the agriculture, pharmaceutical, and manufacturing sectors.
“The import duty and other tariffs are to be suspended on the following for six months: Staple food items; Raw materials and other direct inputs used for manufacturing: Inputs for agriculture production including fertilisers, seedlings, and chemicals, Pharmaceutical products, Poultry feeds, flour and grains,” the document read in part.
