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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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Atiku Backs Suspension of new tax framework , following unconstitutional forgery

This constitutional violation exposes a troubling reality: a government obsessed with imposing ever-increasing tax burdens on impoverished Nigerians rather than creating conditions for prosperity.

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Atiku Abubakar, ex- Vice President of Nigeria (1999-2007) has strengthened the public calls for the suspension of the Federal Government’s new tax laws following the discovery of illegal and unauthorized alterations made to document after passage by the National Assembly.

Atiku, in a statement he signed personally on Tuesday, asserted “What the National Assembly did not pass cannot become law.”

Atiku described the forgery of the tax law as “a brazen act of treason against the Nigerian people and a direct assault on our constitutional democracy.”

The statement reads: “This draconian overreach by the executive branch undermines the foundational principle of legislative supremacy in the making of laws.

It reveals a government more interested in extracting wealth from struggling citizens than empowering them to prosper.

The Unconstitutional Alterations

The following substantive changes were allegedly illegally inserted into the tax bills after parliamentary approval, in clear violation of Sections 4 and 58 of the 1999 Constitution:

1. New Coercive Powers Without Legislative Consent

*Arrest powers granted to tax authorities

*Property seizure and garnishment without court orders

*Enforcement sales conducted without judicial oversightThese provisions transform tax collectors into quasi-law enforcement agencies, stripping Nigerians of due process protections that the National Assembly deliberately included.

2. Increased Financial Burdens on Citizens*Mandatory 20% security deposit before appealing tax assessments*Compound interest on tax debts*Quart

erly reporting requirements with lowered thresholds

*Forced USD computation for petroleum operations

These changes erect barriers that prevent ordinary Nigerians from challenging unjust assessments while increasing compliance costs for businesses already struggling in a difficult economy.

3. Removal of Accountability Mechanisms

*Deletion of quarterly and annual reporting obligations to the National Assembly

*Elimination of strategic planning submission requirements

*Removal of ministerial supervisory provisions

By stripping away oversight mechanisms, the government has insulated itself from accountability while expanding its powers—a hallmark of authoritarian governance.

A Government Against Its People

This constitutional violation exposes a troubling reality: a government obsessed with imposing ever-increasing tax burdens on impoverished Nigerians rather than creating conditions for prosperity.

Instead of investing in infrastructure, education, healthcare, and economic empowerment that would expand the tax base organically, this administration chooses the path of aggressive extraction from an already struggling populace.

Nigeria’s poverty rate remains alarmingly high, unemployment continues to devastate families, and inflation erodes purchasing power daily.

Yet rather than supporting citizens to become more productive, thereby generating sustainable tax revenues, the government employs draconian measures to squeeze resources from people who have little left to survive.

True economic growth comes from empowering citizens, not impoverishing them further through punitive taxation and erosion of legal protections.

A thriving economy with prosperous citizens naturally generates robust tax revenues. But this requires vision, investment, and patience, qualities evidently lacking in an administration that resorts to constitutional manipulation to achieve short-term fiscal goals.

I hereby call upon:1. The Executive to immediately suspend the implementation of the tax law effective January 1, 2026 to give room for a proper investigation.

2. The National Assembly to immediately rectify these illegal alterations through proper legislative processes and hold accountable those responsible for this constitutional breach.

3. The Judiciary to strike down these unconstitutional provisions and reaffirm the sanctity of the legislative process.

4. Civil Society and all Nigerians to reject this assault on democratic principles and demand governance that serves the people rather than exploiting them.

5. The Government to abandon this path of extraction and oppression, and instead focus on policies that enable Nigerian citizens and businesses to thrive.

6. The EFCC to immediately investigate and prosecute those found culpable in the illegal alteration of our laws to extort and defraud the Nigerian people.

What the National Assembly did not pass cannot become law.

This fundamental principle must be defended, or we risk descending into arbitrary rule where constitutional safeguards mean nothing.

The Nigerian people deserve better than a government that circumvents democracy to impose hardship.

We demand accountability, constitutional compliance, and economic policies that build prosperity rather than deepen poverty.”

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FIRS says NIN to serve as Tax ID for individuals

The new tax law is scheduled to come into force in January 2026 and mandates the use of a Tax ID for certain financial and economic transactions, including banking-related activities.

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The Federal Inland Revenue Service (FIRS) has announced that the National Identification Number (NIN) issued by the National Identity Management Commission (NIMC) will now automatically serve as the Tax Identification Number (Tax ID) for individual Nigerians under the country’s new tax regime.

FIRS also said that registered businesses will also no longer need a separate Tax Identification Number, as their Corporate Affairs Commission (CAC) registration (RC) number will now function as their Tax ID.

The Service made the disclosure on its official X handle on Monday, ahead of the passage of the Nigeria Tax Administration Act (NTAA), one of the new tax laws introduced as part of the Federal Government’s broader fiscal and tax reform agenda .

The new tax law is scheduled to come into force in January 2026 and mandates the use of a Tax ID for certain financial and economic transactions, including banking-related activities.

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Tanker crushes Akpabio’s dispatch rider to death

We went to Oyo State for the installation of our colleague, but the vehicles that came to pick me up at the Ibadan airport, unfortunately, my dispatch rider was run over by a tanker driver, and his head was shattered.

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Ibrahim Hussaini, a dispatch rider attached to the convoy of Godswill Akpabio, the Senate President, has been killed after a petrol tanker rammed into the motorcade.

Although the Senate President did not state the precise location of the crash, he said that it happened in Ibadan, Oyo State, shortly after members of his convoy picked him up from the Ibadan Airport.

Akpabio announced the death during the plenary on Tuesday; he extended condolences to the family of the deceased.

Dispatch riders, who are police officers, form part of the security detail of top government officials and typically escort convoys on motorcycles.

Dispatch riders, who are police officers, form part of the security detail of top government officials and typically escort convoys on motorcycles.

“We went to Oyo State for the installation of our colleague, but the vehicles that came to pick me up at the Ibadan airport, unfortunately, my dispatch rider was run over by a tanker driver, and his head was shattered.

“We just buried him 15 minutes ago in Kogi State. He left two wives and four children,” the Senate President told lawmakers

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