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President Tinubu's Plan to Tackle Food Inflation: Boosting Availability and Affordability
By Jamiu Julius Adebayo
In a bid to combat food inflation, President Tinubu has introduced a strategic plan to increase food availability and affordability. The plan focuses on regulating food imports, ensuring that duty waivers benefit consumers, and promoting local production.
Key Components of the Plan:
— Duty Waiver with a Twist: Food importers who benefit from the government's duty waiver must sell at least 75% of their items at approved markets, ensuring that the benefits reach consumers.
— No Exportation Allowed: Importers under the tariff waiver regime are prohibited from exporting the imported items, ensuring that the goods remain in the country to address local food needs.
— Targeted Commodities: The plan focuses on essential food items, including maize, husked brown rice, wheat, grain beans, and millet.
— Importation Restrictions: Only investors with milling capacity and a verifiable backward integration program for some items can participate in the importation process.
— Regulated Importation Process: The Ministry of Agriculture and Rural Development (
@NGfmafs
) and the Federal Ministry of Finance (
@FinMinNigeria
) will provide the Nigeria Customs Service (
@CustomsNG
) with a list of approved importers and their quotas, ensuring a transparent and guided importation process.
Aimed at Reducing Food Inflation
By implementing these measures, President Tinubu's administration aims to increase food availability, reduce prices, and protect consumers from exploitation.
This short-term measure will help stabilize the food market, while he focuses on the long term goal of promoting local production and backward integration programs to ensure long-term food security.
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