Nigeria plans to stop charging taxes on certain food imports like wheat and maize for 150 days to help lower prices in the country.
The agricultural minister announced this on Monday.
The government wants to reduce food inflation, which has gone up more than 40% each year. The economy has been weak for almost ten years.
President Bola Tinubu told his team to make a 2 trillion naira ($1.33 billion) plan to help with food supply and prices. The finance minister said this last week.
“To lower food inflation because it’s hard to afford and find food, the government has many plans for the next 180 days,” said Agricultural Minister Abubakar Kyari in a statement.
Kyari said the government will bring in 250,000 metric tons of wheat and 250,000 metric tons of maize.
Private companies will also bring in these foods.
They will come in a partly processed form and go to small factories and millers.
Food prices in Nigeria have gone way up because of problems in places where food is grown.
Also, roads that connect farms to markets aren’t good.
The high prices for important foods have made it hard for people to live, and the cost of living has gone up a lot.
Inflation, which is the rise in prices, is almost at its highest level in 30 years.
The agricultural minister said the tax break will count for food brought into Nigeria by land and sea.
Speaker Wetangula Turns Down MPs’ Attempt To Repeal Finance Bill 2024
