The Federal Government of Nigeria is set to suspend import duties on staple food items, raw materials for manufacturing, drugs, and other essential goods for six months in its bid to arrest ever rising inflation. This measure also includes waivers on levies for fertilizers, poultry feed, flour, and grains. Tagged the Inflation Reduction and Price Stability Order, the Executive Order directs the Ministry of Finance and the Central Bank of Nigeria to offer low-interest loans to the agriculture, pharmaceutical, and manufacturing sectors. If signed, the order should boost food availability, decrease the cost of drugs, reduce the cost of production, and alleviate the cost of living crisis. Additionally, the president may suspend VAT on automotive gas oil, basic food items, and raw-material inputs for food manufacturing, electricity, public transportation, and agricultural produce for the rest of the year to consolidate its gains.
SOURCE: NAIRAMETRICS
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