Report: Federal government suspends import duties on basic foodstuffs, medicines and other products for six months to reduce inflation

The country’s government is currently considering suspending import duties on staple foods, medicines and other essential items for a period of six months to curb inflation, according to a report submitted to President Bola Tinubu for review and approval.

Bloomberg reported that President Tinubu has yet to sign the implementation document.

The Inflation Control and Price Stability Regulation outlined in the document will mandate the Ministry of Finance and the Central Bank of Nigeria to develop a plan for the provision of soft loans to the agricultural, pharmaceutical and manufacturing sectors.

“This productive use will ultimately increase yields and reduce inflation,” the document says.

The President is also expected to suspend VAT on diesel, certain staple and semi-processed foods such as noodles and pasta, raw materials for food production, electricity and public transport, as well as agricultural inputs and products and pharmaceutical products for the rest of the year.