INFLATION: FG Suspends Import Duties on Food, Drugs for 6 Months

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The Federal Government has suspended import duty and other tariffs on staple food items, raw materials, and inputs for manufacturing, agriculture, and pharmaceutical products for six months.

According to an Executive Order signed by President Bola Ahmed Tinubu, the suspension affects essential items like fertilizers, seedlings, chemicals, poultry feeds, flour, and grains. The order also grants a rebate on import duty by fixing the exchange rate at N800 to $1 for six months.

To enhance productivity, the government has directed the Nigeria Customs Service to fast-track the clearing of agricultural equipment, food items, and manufacturing inputs at ports, aiming to reduce clearance time by at least 50%.

The order encourages states and local government councils to adopt similar measures to boost productivity.

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