The Nigerian government has unveiled a plan to bring down inflation in the country through tariff and import duty suspension for food, raw materials for production, pharmaceuticals, inputs for agriculture production and other fiscal measures.
The Minister of Finance, Wale Edun disclosed this in a recent presentation of the proposed Accelerated Stabilisation and Advancement Plan, ASAP.
Edun stated that the plan, recently presented to President Bola Ahmed Tinubu, was designed to end Nigeria’s economic hardship.
This comes as Nigeria’s headline and food inflation increased to 33.69 percent and 40.53 percent, respectively.
The inflation portends unbearable hardship for Nigerians as purchasing power continues to shrink upon rising prices while remaining unchanged.
As a solution, Edun explained that the fiscal measures, when implemented, will take Nigeria out of the woods.
He said the order upon implementation will bring about the suspension of import duty and tariff for staple food items, raw materials and other direct inputs used for manufacturing, inputs for agriculture production, including fertilizers, seedlings, chemicals, pharmaceutical products, poultry feeds, flour and grains.
Similarly, it will authorise millers to import paddy rice at zero duty and Value Added Tax for 6 months.
Credit: dailypost.ng
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