Removal of Import Duties to Reduce Food Prices

 *Suspension of Duties and Taxes*: The Comptroller-General of Customs, Bashir Adeniyi, has announced that the suspension of duties and taxes on imported food items would help reduce food prices.

 *Implementation*: The Nigerian Customs is committed to implementing this fiscal policy, and guidelines are being worked out at the Ministry of Finance, expected to be ready within a week.

 *Rationale*: The decision was made to address food inflation, as a significant amount of food consumed in Nigeria is imported, and importation takes time.

 *Short-term Measure*: The suspension of duties and taxes is seen as a short-term measure to cushion the effect of the cost of importation and bring down food prices.

 *Long-term Interests*: The government is also considering the long-term interests of Nigerian farmers and stakeholders involved in food production.

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