The federal government has announced the suspension of taxes, tariffs, and duties on food imports, a move expected to significantly reduce the prices of various food items across Nigeria.
Abubakar Kyari, Minister of Agriculture and Food Security, officially confirmed the suspension on Wednesday, reinforcing earlier reports.
Kyari shared details of the government’s initiatives on social media, emphasizing a 150-day window during which food commodities like maize, husked brown rice, wheat, and cowpeas can be imported without duties or tariffs through both land and sea borders.
“These policies will be in effect for the next 180 days,” Kyari stated.
“To prevent market exploitation, imported food items will adhere to a Recommended Retail Price (RRP). Additionally, all imports will meet strict safety and quality standards, addressing public concerns over genetic composition and health risks,” he added.
These measures follow the Senate’s call for urgent action to mitigate rising food prices and avert an impending food crisis.
The Senate passed a motion, sponsored by Senators Sunday Karimi (APC-Kogi) and Ali Ndume (APC-Borno), urging the federal government to outline its strategies for tackling food insecurity and high consumer prices.
During the debate, Karimi highlighted the unprecedented surge in food prices, citing inflation, reduced purchasing power, and deteriorating living standards as significant impacts on Nigerians.
He referenced data from the National Bureau of Statistics (NBS), which reported food inflation reaching 40.66% year-on-year—a substantial jump from the 24.82% recorded in May 2023.
Karimi noted that staple food prices, including beans, maize, rice, yam, tomatoes, and onions, initially rose by about 40% following the removal of the petroleum subsidy but have now spiked further, ranging between 100% and 300%.
While he acknowledged factors like insecurity in agricultural regions, poor infrastructure, high transportation costs, and currency depreciation as contributors to rising food prices, Karimi pointed to profiteering by traders and merchants as a major driver.
He criticized the greed of retailers and merchants, attributing their behavior to a lack of accountability among public officials and elites. “The widespread overpricing of goods stems from the belief that profiteering is acceptable since political and corporate elites misuse public funds without facing consequences,” he said.
