FG to suspend import duties on staple food items, drugs, others; may set import duty at N800/$ for 6 months to ease inflation

The Federal Government is considering a six-month suspension of import duties on staple food items, drugs, and other essential items as a measure to curb inflation, according to a document seen by NewsWireNGR.

The document was sent to President Bola Tinubu for review and approval.

It also includes plans to waive levies on fertilizers, poultry feed, flour, and grains.

Although President Tinubu is yet to sign the document for implementation the Inflation Reduction and Price Stability Order, as outlined in the document, 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.

“This productive deployment will ultimately improve outputs and reduce inflation,” the document said.