The Federal Government has announced the introduction of the Customs, Excise Tariff Variation Order 2024, aimed at boosting food security and curbing inflation across Nigeria. The regulation was signed into effect by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.
In a statement released on Thursday in Abuja, Mr. Mohammed Manga, Director of Press and Public Relations at the Ministry of Finance, detailed the objectives of the new regulation. The Customs, Excise Tariff Variation Order 2024 is designed to provide a structured framework for its implementation.
Minister Edun explained that the regulation is part of the government’s strategy to address rising food prices and foster growth in the domestic agricultural sector. By waiving levies, duties, value-added taxes, and tariffs on the importation of essential food items, the government aims to mitigate food price inflation.
“With this regulation, Nigeria is expected to see a significant reduction in food price inflation,” Edun stated. “This initiative will not only enhance food security but also encourage increased investment in agriculture.”
The new order reflects the government's ongoing commitment to creating a conducive environment for economic development. Edun encouraged all eligible businesses to leverage this opportunity to contribute to the nation’s food security and economic progress.
The introduction of the Customs, Excise Tariff Variation Order 2024 is anticipated to play a crucial role in stabilizing food prices and supporting the agricultural sector’s growth
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