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Food Prices Set to Dip as Nigeria Suspends Import Taxes

The Nigerian government has announced a 150-day tax break on essential food imports in an effort to reduce soaring food prices. This “Duty-Free Import Window” will cover key staples in Nigerian diet like maize, wheat, brown rice, and cowpeas.

On Monday, the Minister of Agriculture, Abubakar Kyari, unveiled this initiative as part of a broader strategy for food security and economic stability. This move comes at a time when Nigerians are dealing with record-high food inflation, making it difficult for many families to afford basic necessities.

Kyari pointed out, “Over the past several months, we have all been witnesses to the escalating cost of food items in all parts of the country. There is virtually no food item that has not had its price raised to a level higher than what a good many Nigerians can afford.”

By suspending import taxes, the government aims to provide immediate relief, making food items more affordable. Nigeria’s food inflation rate is currently at 40.66 percent.

In addition to the tax break, the government’s plan includes supporting domestic agriculture by offering low-interest loans to farmers and investing in infrastructure to enhance food production and distribution. Increasing livestock production is also a significant part of this strategy.

Kyari reassured that Tinubu’s administration is working tirelessly to tackle the crisis so that “no Nigerian goes to bed hungry.”

—Ezinwanne Onwuka reports for TruthNigeria from Abuja.

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