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

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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.

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Dangote Feeds 40,000 Families in Borno

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No fewer than 40,000 families may benefit from the Aliko Dangote Food Intervention Programme.

Borno State Governor Prof. Babagana Umara Zulum said the donation of 40,000 bags of 10kg rice to the people of Borno State by the Aliko Dangote Foundation(ADF) will help cushion economic hardship in these families.

The Governor made the statement at the flag-off of the Food Intervention Programme on Wednesday in Maiduguri, Borno State capital.

The Aliko Dangote Foundation penultimate week commenced the distribution of one million bags rice worth N16billion across the 774 local government areas in Nigeria.

The Governor was represented by the Director General of Borno State Emergency Management Agency(SEMA) Mr. Ali Abdullahi Isa.

He said: “Today marks a significant milestone in our collective efforts to alleviate the suffering of our people, particularly during the holy month of Ramadan.”

The Governor said the generous donation is a testament to the Foundation’s commitment to supporting vulnerable communities and promoting social welfare.

“We are deeply thankful to Alhaji Aliko Dangote and the entire foundation for their kindness and philanthropy.

”He urged the people of Borno State to continue to pray for peace, stability, and prosperity of the state and country.

In his early remarks, representative of the Aliko Dangote Foundation, Mr. Usman Muhammad, said the gesture is aimed at supporting government effort, adding that the Foundation focuses on improving the living conditions of Nigerians.

Mr. Muhammad said the donation is targeted at the poor and the vulnerable persons in the State.

A beneficiary, Ms Aisha Modu, 50, said as a displaced person, the donation of rice by the ADF will go a long way in alleviating her economic hardship.

In the same vein, another beneficiary, Umaru Aliyu, 60, said he will use the rice to feed his six children, while praying God to continue to bless the chairman of the Aliko Dangote Foundation.

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JUST IN: Tinubu commiserates with Florence Ajimobi over daughter’s death

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President Bola Tinubu has expressed condolences to Mrs. Florence Ajimobi, wife of the late former Governor of Oyo State, Senator Abiola Ajimobi, over the passing of her daughter, Mrs. Bisola Kola-Daisi.

In a statement issued on Friday and signed by his Special Adviser on Information and Strategy, Bayo Onanuga, the President described the death as an unexpected and heartbreaking loss.

“In a poignant conversation with the bereaved mother on Thursday, President Tinubu conveyed his deep sympathy to the family during this time of profound loss, acknowledging the unexpected and heart-wrenching departure of a cherished daughter, devoted wife, and mother of three,” the statement read.

The President also extended his prayers and support to Mrs. Kola-Daisi’s husband, family, friends, and associates, describing the deceased as warm-hearted, industrious, and charitable.

Highlighting her achievements, Tinubu noted her contributions as a successful businesswoman and trusted public servant.

“Her wise counsel in budgeting and finance was invaluable,” the statement added.

Tinubu prayed for divine comfort and strength for the bereaved family while asking God to grant the deceased eternal rest.

“President Tinubu prayed for Almighty God’s grace to receive her soul and provide comfort and strength to her survivors,” Onanuga stated.

Mrs. Kola-Daisi’s passing has been met with widespread condolences from family, friends, and political associates, many of whom have described her as a compassionate leader and dedicated professional.

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Governor Oyebanji Raises State’s monthly Subvention By N438.9 million

Similarly, the Governor has also approved payment of the outstanding 2020 leave bonus to local government workers

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Ekiti State Governor, Mr Biodun Oyebanji has approved a major increment in the monthly subvention to the Judiciary and the legislative arm of government as well as the subvented institutions in the state.

The increment which amounts to N438.9 million monthly is to enable the institutions take care of the new minimum wage and the attendant consequential adjustment for workers.

In a statement,Olayinka OyebodeSpecial Adviser (Media) to the Governor, disclosed that the

beneficiaries of the increment include the Ekiti State Customary Court of Appeal, Ekiti State High Court of Justice; Ekiti State Judicial Service Commission, and Ekiti State House of Assembly Service Commission.

Others are Ekiti State University, Ado-Ekiti, (EKSU); Ekiti State University Teaching Hospital (EKSUTH); Bamidele Olumilua University of Education, Science and Technology (BOUESTI), Ikere Ekiti; Ekiti State Polythecnic, Isan Ekiti; College of Health Technology, Ijero-Ekiti and Non Academic Staff Union of Educational and associated Institutions.

Similarly, the Governor has also approved payment of the outstanding 2020 leave bonus to local government workers, in fulfilment of his promise to defray all outstanding entitlements of workers inherited from previous administrations.

While restating the commitment of his administration to the wellbeing and welfare of workers and retirees, Governor Oyebanji says efforts are being made to ensure payment of all outstanding entitlements including gratuities in line with the continuity and shared prosperity agenda of the government.

He urges workers in the state to remain focused on excellent service delivery and to see themselves as strategic stakeholders in the Ekiti Project.

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