• About Us
  • Contact Us
  • Privacy & Policy
Thursday, September 11, 2025
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
Advertisement
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
No Result
View All Result

Customs Issues Guidelines for 150-Day Tariff Waiver on Essential Foods

Vincent Amadi by Vincent Amadi
August 15, 2024
in Economy
Reading Time: 3 mins read
A A
0
Customs Issues Guidelines for 150-Day Tariff Waiver on Essential Foods
Share on FacebookShare on TwitterShare on WhatsappShare on EmailShare on Telegram


The Nigerian Customs Service has issued directives to implement a 150-day duty exemption on some essential foods.
A Customs official, Abdullahi Maiwada, confirmed this in a statement issued on Wednesday.
The move came after President Bola Tinubu approved the zero-duty policy.
Food items eligible for zero duty include chaffed brown rice, cereals, sorghum, millet, maize, wheat, and beans, among others.
“Drawing from the Presidential directives aimed at alleviating the hardship faced by Nigerians due to high prices of essential food items, the Nigeria Customs Service (NCS) is pleased to announce that His Excellency, the President of the Federal Republic of Nigeria Bola Ahmed Tinubu GCFR through the Honourable Minister of Finance and the Coordinating Minister of the Economy, Olawale Edun has approved the regulation for the implementation of a Zero Percent Duty Rate (0%) and Value Added Tax (VAT) exemption on selected basic food items.


“This measure aims to mitigate the high cost of food items in the Nigerian market by making essential commodities more affordable for citizens.
“The initiative is part of the government’s broader efforts to address food security challenges and ensure that basic foodstuffs are accessible to all Nigerians.
“However, it is important to emphasize that while this temporary measure is intended to address current hardships, it does not undermine the long-term strategies put in place to safeguard local Farmers and protect Manufacturers.
“It is pertinent to note that the implementation of this policy will focus on addressing the national supply gap. To participate in the zero-duty importation of basic food items, a company must be incorporated in Nigeria and have been operational for at least five years. It must have filed annual returns and financial statements and paid taxes and statutory payroll obligations for the past five years.


“Companies importing husked brown rice, grain sorghum, or millet need to own a milling plant with a capacity of at least 100 tons per day, operate for at least four years and have enough farmland for cultivation. Those importing maize, wheat, or beans must be agricultural companies with sufficient farmland or feed mills/agro-processing companies with an out-grower network for cultivation.
“The Federal Ministry of Finance will periodically provide the NCS with a list of importers and their approved quotas to facilitate the importation of these basic food items within the framework of this policy.
“The policy requires that at least 75% of imported items be sold through recognized commodities exchanges, with all transactions and storage recorded.
“Companies must keep comprehensive records of all related activities, which the government can request for compliance verification. If a company fails to meet its obligations under the import authorization, it will lose all waivers and must pay the applicable VAT, levies, and import duties.
L”This penalty also applies if the company exports the imported items in their original or processed form outside Nigeria,” the statement reveals.

Continue Reading
Tags: business
Vincent Amadi

Vincent Amadi

Related Posts

Manufacturing and agric sectors decline threaten Nigeria’s industrialisation
Economy

Manufacturing and agric sectors decline threaten Nigeria’s industrialisation

2 weeks ago
FG launches initiative to cut overhead cost
Economy

FG launches initiative to cut overhead cost

3 weeks ago
Grant tax relief to media houses —Ex-NNPCL spokesman tells FG
Economy

Grant tax relief to media houses —Ex-NNPCL spokesman tells FG

3 weeks ago
Rice farmers blame middlemen for continuous price hike
Economy

Rice farmers blame middlemen for continuous price hike

3 weeks ago

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

Who we are

Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history

Welcome to Umpire News, your go-to online newspaper dedicated to broadening perspectives and expanding the horizons of our numerous readers. Read more

Browse by Category

  • Columns
  • Economy
  • Editorial
  • Entertainment
  • International
  • National
  • News
  • Opinion
  • Politics
  • Sports
  • Trends

Recent News

Ex-NAPAC chairman to Natasha: Prove sexual harassment claim or resign from Senate

Senate Bars Natasha Akpoti from Resuming Despite Suspension Elapsing

September 10, 2025
Peter Obi Can Return to PDP Without Wike Obstruction – Jacob Mark

Oyo PDP blasts APC protest over Makinde’s N300bn loan approval

September 10, 2025
  • About Us
  • Contact Us
  • Privacy & Policy

© 2024 Copyright Umpirenews. All rights reserved

No Result
View All Result
  • Home
  • National
  • Economy
  • Politics
  • Sports
  • Entertainment
  • Editorial
  • Opinion
  • Columns

© 2024 Copyright Umpirenews. All rights reserved

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
🤑Join & Get Our Easter Gifts 🤑

Enter your NAME & Email NOW!!

Be among the 1st 100 lucky WINNERS to win our Amazing GIFTs this Easter Period as you READ our Daily hot NEWs & make meaningful comments and follow us on our social media handles.

Name
Enter your email address