NIGERIA – Nigeria President Bola Ahmed Tinubu, GCFR, has announced the removal of import duties and tariffs on essential commodities, including rice, wheat, maize, sorghum, drugs, and other pharmaceutical inputs, for the next six months.
This decision comes amid nationwide protests over the rising cost of food and basic necessities.
In his address to the nation, President Tinubu acknowledged the widespread discontent and economic challenges faced by Nigerians. He assured the public that his administration is taking decisive steps to stabilize the economy and provide immediate relief to citizens.
“Recognizing the severe impact of rising food prices, I have directed the removal of import duties and tariffs on rice, wheat, maize, sorghum, drugs, and other pharmaceutical inputs for the next six months,” President Tinubu announced. “This measure aims to reduce the cost of these essential commodities and ease the financial burden on Nigerians.”
The removal of these import duties and tariffs is expected to lower the prices of staple foods and critical medical supplies, providing much-needed relief to households across the country. This intervention is part of a broader strategy to combat inflation and ensure food security.
The declaration comes after the Federal State slashed the price of rice a week ago to make staple food more affordable.
Minister of Information and National Orientation Mohammed Idris announced that a 50kg bag of rice will now be available at designated centers across the country for N40,000 (US$52).
He noted that rice is being sold at approximately 50% of its usual cost and highlighted that this initiative, along with others, aims to improve living conditions amid ongoing national discussions about economic hardships.
This sharp increase in rice prices on the local market is part of an economic context marked by the rise in annual inflation, which reached 29.9% in January 2024, its highest level in 28 years. This context underscores the urgency of the government’s intervention.
President Tinubu emphasized that the government is working around the clock to implement policies to stabilize the economy and promote sustainable growth. He called for unity and cooperation from all Nigerians, urging them to support these efforts and refrain from further protests.
“Our democracy progresses when the constitutional rights of every Nigerian are respected and protected. Our law enforcement agencies should continue to ensure the full protection of the lives and properties of innocent citizens in a responsible manner,” he stated.
The President also highlighted the administration’s achievements over the past 14 months, including significant fiscal reforms, infrastructure projects, and efforts to boost productivity in the non-oil sector. These initiatives aim to create a more resilient and diversified economy.
“This decision is a testament to our dedication to providing relief and improving the quality of life for every Nigerian,” he noted.
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