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JUST IN: Nigerian govt to suspend tariff, import duty on staple foods, pharmaceuticals, others

The Nigerian government has unveiled a plan to bring down inflation in the country through tariff and import duty suspension for food, raw materials for production, pharmaceuticals, inputs for agriculture production and other fiscal measures.
The Minister of Finance, Wale Edun disclosed this in a recent presentation of the proposed Accelerated Stabilisation and Advancement Plan, ASAP.
Edun stated that the plan, recently presented to President Bola Ahmed Tinubu, was designed to end Nigeria’s economic hardship.
The Nigerian government has unveiled a plan to bring down inflation in the country through tariff and import duty suspension for food, raw materials for production, pharmaceuticals, inputs for agriculture production and other fiscal measures.
The Minister of Finance, Wale Edun disclosed this in a recent presentation of the proposed Accelerated Stabilisation and Advancement Plan, ASAP.
Edun stated that the plan, recently presented to President Bola Ahmed Tinubu, was designed to end Nigeria’s economic hardship.
This comes as Nigeria’s headline and food inflation increased to 33.69 percent and 40.53 percent, respectively.
The inflation portends unbearable hardship for Nigerians as purchasing power continues to shrink upon rising prices while remaining unchanged.
As a solution, Edun explained that the fiscal measures, when implemented, will take Nigeria out of the woods.
He said the order upon implementation will bring about the suspension of import duty and tariff for staple food items, raw materials and other direct inputs used for manufacturing, inputs for agriculture production, including fertilizers, seedlings, chemicals, pharmaceutical products, poultry feeds, flour and grains.
Similarly, it will authorise millers to import paddy rice at zero duty and Value Added Tax for 6 months.
“The import duty and other tariffs on the following items are hereby suspended for six months: staple food items, raw materials and other direct inputs used for manufacturing, inputs for agriculture production including fertilizers, seedlings, chemicals, pharmaceutical products, poultry feeds, flour and grains.
“Value Added Tax, where applicable, is hereby suspended on the following items for the rest of the year 2024: Basic food items and semi-processed, staple food items such as noodles and raw material inputs for the manufacturing
of food items, electricity and public transportation, agricultural inputs and produce, and pharmaceutical products”, the document partly reads.
Relaxation of import duty will calm raging inflation in Nigeria – CPPE
Reacting to the proposal, Muda Yusuf, the Director of the Centre for the Promotion of
Private Enterprise said the relaxation of import duty as contained in the ASAP would calm raging inflation in Nigeria.
Muda noted that the plan will address many of the burning economic issues bothering real sector investors.
He urged Tinubu’s government to expedite action in implementing the plan for the progress of Nigeria’s economy.
“The proposed Accelerated Stabilisation and Advancement Plan is a laudable proposition coming from the Finance Minister. It addresses many of the burning economic issues bothering real sector investors.
“The plan contains robust and comprehensive fiscal policy measures that stakeholders in the real economy had clamored for over the past year. It addresses the concerns of investors on high interest rates, high cost of cargo clearance at the ports, and high import duty regimes.
“The relaxation of import duties on critical raw materials for manufacturers would calm the raging inflationary pressures in the economy, especially food inflation.
“The fiscal measures reflect the responsiveness of the administration to the concerns of investors in the real economy. We urge for expeditious implementation of the plan, once approved by the president,” he said.
Minimum wage negotiation
The government economic proposal, known as ASAP, comes amid the new minimum wage discussion that has taken center stage in Nigeria in recent times.
On Monday, the Organised Labour shut down the Nigerian economy because the government failed to implement a new Minimum wage.
However, the strike was suspended on Tuesday after the workers secured a commitment from the government to pay a minimum wage higher than N60,000.
Meanwhile, the Nigeria Labour Congress and the Trade Union Congress had earlier proposed N494,000 as a new minimum wage.
It was learnt that the Government and the Organised labour has resumed negotiation on the new minimum wage.
Meanwhile, Senator Orji Uzor Kalu at Tuesday’s plenary proposed between N75,000 and 90,000 as the new minimum wage.
Earlier, Paul Alaje, Chief Economist and Partner at SPM said the minimum wage should be at least N100,000.
News
Peter Obi’s Comparison of Nigeria’s Educational System With Bangladesh, Turkiye
Bangladesh, which once lagged behind Nigeria in virtually every measurable development index, now surpasses us in all key areas of development and in the Human Development Index (HDI).

Peter Obi wrote on his X( Twitter) : “I just came across the official results from JAMB showing the recent exam figures.
In the data shared by JAMB, a total of 1,955,069 candidates sat for the exam.
Shockingly, out of this number, only about 420,000 candidates scored above 200, while over 1.5 million scored below 200.
This means that over 78% of the total candidates failed to meet the 200-mark threshold — a reflection of the deep-rooted challenges in our educational system.
The latest JAMB results once again highlight the consequences of decades of underinvestment in education, a sector that should be central to our national development strategy.
Currently, Nigeria’s total university enrollment stands at approximately 2 million students.
By comparison, the National University of Bangladesh — a single university — has over 3.4 million students enrolled, despite the country having only about 75% of Nigeria’s population.
One university in Bangladesh surpasses the entire university enrollment in Nigeria.
Bangladesh, which once lagged behind Nigeria in virtually every measurable development index, now surpasses us in all key areas of development and in the Human Development Index (HDI).
Similarly, Turkey (now Turkiye), with a population of about 87.7 million people, has over 7 million university students — more than three times Nigeria’s total university enrollment.
I have consistently said it: education is not just a social service; it is a strategic investment.
It is the most critical driver of national development and the most powerful tool for lifting people out of poverty.
We must now invest aggressively in education — at all levels — if we are serious about building a prosperous, secure, and equitable Nigeria.”
News
BREAKING: Cardinal Robert Prevost elected new Pope

The Catholic Church has a new leader. Cardinal Robert Prevost, an American-born cleric and seasoned Vatican official, has been elected Pope, taking the name Leo XIV.
The announcement was made from the balcony of St. Peter’s Basilica on Wednesday following the traditional white smoke signaling the successful conclusion of the papal conclave.
Prevost, 69, becomes the first American-born Pope in the Church’s two-thousand-year history, marking a significant moment for Catholics in the United States and around the world.
He succeeds Pope Francis, who died on Easter Monday, April 21, 2025, at the age of 88.
A native of Chicago, Illinois, Pope Leo XIV is a member of the Order of St. Augustine and is widely respected for his quiet but firm leadership style, deep theological grounding and global pastoral experience.
In 2023, Prevost was appointed Prefect of the Dicastery for Bishops, overseeing the selection and supervision of bishops around the world.
News
BREAKING: Catholic Church elects new Pope

White smoke has been detected from the chimney above the Sistine Chapel in Vatican City, signalling the election of a new Pope by the Catholice church.
The new Pope will replace the late Pope Francis who died last month at the age of 88.
However, the identity of the new pope was not immediately made known as the pontiff’s name has yet to be announced.
The white smoke flowed from the chimney above the Sistine Chapel in the Vatican on the second day of the Conclave shortly after 1pm on Thursday.
The white smoke signalled that one of the candidates for the pontificate had obtained the necessary two-thirds majority for election.
Details soon….
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