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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
Insurgency: US Military supplies Nigeria with weapons to combat terrorism
The United States has delivered critical military supplies to Nigerian security agencies in Abuja, bolstering the country’s ongoing efforts to combat terrorism, banditry, and other security threats amid persistent insecurity.
The United States Africa Command (AFRICOM) announced the handover on Tuesday via a post on X (formerly Twitter), stating: “U.S. forces delivered critical military supplies to our Nigerian partners in Abuja.
This delivery supports Nigeria’s ongoing operations and emphasizes our shared security partnership.”
The announcement included an image of sealed equipment being offloaded from an aircraft.
This latest support comes weeks after U.S. forces conducted a Christmas Day airstrike in Sokoto State targeting Islamic State West Africa Province (ISWAP) militants, an operation carried out in coordination with Nigerian authorities.
The strike followed heightened U.S. attention to security challenges in Nigeria, including President Donald Trump’s earlier designation of the country as a “Country of Particular Concern” over reported violence against Christian communities—a claim Nigeria has rejected, emphasizing that attacks affect citizens across religious and ethnic lines.
The delivery underscores deepening bilateral security cooperation between Washington and Abuja. Nigerian officials have previously highlighted ongoing structured collaboration with the U.S., including enhanced intelligence sharing, expedited defense equipment processing, and potential provision of excess defense articles to reinforce counterterrorism operations.
While specific details on the type or quantity of supplies were not disclosed, the gesture is seen as a timely boost for Nigerian forces engaged in intensified operations against insurgent groups in the North-East, banditry in the North-West and North-Central regions, and other violent threats nationwide.
Former Kaduna Central Senator Shehu Sani described the development as “a welcome development and commendable,” urging other countries to emulate the U.S. gesture in helping Nigeria address insecurity.
The U.S. Mission in Nigeria was tagged in AFRICOM’s announcement, signaling continued partnership.
Neither the Nigerian Ministry of Defence nor the Presidency had issued a formal statement on the delivery as of Tuesday afternoon, though broader security engagements between the two nations remain active.
This move aligns with long-standing U.S.-Nigeria defense ties, which have included previous major provisions such as A-29 Super Tucano aircraft and training programs focused on counterterrorism and civilian harm mitigation.
News
NELFUND releases N161.97bn student loans to more than 864,000 students
The Nigerian Education Loan Fund (NELFUND) has disbursed a total of N161.97 billion in student loans, benefiting 864,798 students across the country since the scheme’s launch in May 2024.
This milestone was announced by NELFUND Managing Director Akintunde Sawyerr during a media briefing in Abuja on Tuesday. The initiative, a key component of President Bola Tinubu’s Renewed Hope Agenda, aims to eliminate financial barriers to higher education and ensure no qualified Nigerian student is denied access to tertiary institutions due to lack of funds.
According to Sawyerr, NELFUND has received 1,361,011 loan applications to date. Of the total disbursed amount:
– N89.94 billion was paid directly to 263 tertiary institutions to cover tuition and other institutional charges.
– N72.03 billion was released directly to students as upkeep allowances to support their living expenses during studies.
The scheme provides interest-free loans to eligible students in public universities, polytechnics, colleges of education, and vocational institutions. Sawyerr emphasized that the growing numbers demonstrate the program’s tangible impact, gradually dismantling financial obstacles and creating new opportunities for young Nigerians.
The agency has conducted widespread sensitization campaigns across tertiary institutions over the past year to boost awareness and participation.
NELFUND is also pursuing partnerships with philanthropists, corporate organizations, and government bodies, including a N20 billion collaboration with the Ministry of Education focused on Technical and Vocational Education and Training (TVET).
Applications for the 2025/2026 academic session began in November 2025, with more than 200 institutions submitting updated data. So far, around 280,000 applications have been received for the new session, and loans have already been disbursed to over 150,000 students.
Sawyerr urged financially challenged students to apply, describing the scheme as a vital lifeline for completing their education. He reiterated NELFUND’s commitment to transparency, accountability, and expanding access to quality higher education nationwide.
News
Sokoto community empty as Bello Turji plans attack
Local accounts said that Turji is attempting to reassert relevance and recognition after a lull in his activities, warning of “dire consequences” for Tidibale and nearby settlements that have not aligned with him.
• Villagers fleeing to neighbouring towns
RESIDENTS of Tidibale, a community in Isa Local government area in Sokoto State, have fled their farms and homes following a severe warning issued by notorious warlord Bello Turji, a name long associated with banditry in the Northwest.
Residents said that the threat, delivered after months of relative silence from Turji, has triggered fresh panic, forcing families to abandon their homes and farmlands. Many
Local accounts said that Turji is attempting to reassert relevance and recognition after a lull in his activities, warning of “dire consequences” for Tidibale and nearby settlements that have not aligned with him.
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