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

Published

1 year ago

June 6, 2024

144 Views

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 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.

Related Topics:Featured Food Others Tariff Suspension

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Crime

Robert Mugabe Jr. Convicted of Drug Offense, Says He’s a Single Father

Published

3 hours ago

November 13, 2025

Charles Flames

12 Views

Robert Mugabe Junior, 33, the son of late former president Robert Mugabe, has been found guilty of illegal possession of drugs by the Harare Magistrates Court. Magistrate Lisa Mutendereki delivered the ruling on Thursday, 13 November 2025.

Mugabe pleaded guilty to possessing two grams of dagga, admitting the offence in open court. During proceedings, he appealed to the court for leniency, revealing that he is a single father of two.

“I am a single father raising two children. I ask the court to be lenient with me,” he said.

Sentencing is scheduled for later Thursday afternoon.

Found With Dagga During Traffic Stop

The case stems from a traffic stop on 1 October 2025, when police intercepted Mugabe’s silver Honda Fit in central Harare. Officers discovered a small quantity of dagga in his bag.

Prosecutor Mandirasa Chigumira told the court the search uncovered:

Two sachets of dagga
One pack of Rizla rolling papers
A white dagga crusher

The total haul weighed two grams, with an estimated street value of US$30 (R550). Chigumira also noted that Mugabe had initially refused to sign the seizure receipt issued by police.

Previous Court Appearance and Bail

Mugabe first appeared in court on 2 October 2025 and spent two nights in custody before being granted bail of US$300 (R5,500). Magistrate Mutendereki ordered him to report weekly to the Criminal Investigations Department (CID) and remain at his registered address until the case concluded.

The trial has attracted widespread attention on social media, with public reactions divided over his conviction.

Police Allegations of Wider Syndicate

Earlier, the Zimbabwe Republic Police suggested Mugabe might be connected to a larger drug network. Commissioner Paul Nyathi told reporters on 2 October 2025 that authorities had recovered 25 sachets of Indo hybrid dagga and six ecstasy pills linked to a syndicate allegedly involving Phillip Munetsi Chiyangwa, Mitchel Jackson, Simbarashe Kaseke, Wellington Icube, and Tanaka Kashamba.

However, prosecutors focused solely on Mugabe’s personal possession charge in court, leaving the wider syndicate allegations unaddressed.

History of Legal Trouble

This is not Mugabe Junior’s first legal issue. In February 2023, he was arrested for allegedly damaging property at a party in Harare. That case was later dropped following compensation. His lawyer, Ashiel Mugiya, who represented him in 2023, again defended him in this case, saying:

“He accepts responsibility for what happened and has cooperated with the authorities.”

Mugabe is expected back in court Thursday afternoon for sentencing, when Magistrate Mutendereki will determine his punishment.

Business

Nigerian govt suspends implementation of 15% petrol import duty

Published

3 hours ago

November 13, 2025

Charles Flames

15 Views

The Nigerian government has suspended the planned 15 per cent import duty on premium motor spirit (PMS) and automotive gas oil (diesel). The announcement was made by George Ene-Ita, spokesperson for the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), in a statement on Thursday.

The regulator urged Nigerians to avoid panic buying, assuring that there is adequate supply of petroleum products nationwide.

“It should also be noted that the implementation of the 15 percent ad valorem import duty on imported premium motor spirit and diesel is no longer in view,” NMDPRA stated.

The statement added that both domestic and imported supplies of petrol, diesel, and other petroleum products are sufficient to meet demand, especially during the peak period. The authority warned against hoarding, panic buying, or unwarranted price increases, and affirmed that it would continue to monitor supply and distribution closely.

President Bola Ahmed Tinubu had approved the 15 per cent import duty last month to encourage the use of products from Dangote Refinery. While some stakeholders supported the move as a boost for local refining, critics argued it could increase fuel prices and worsen economic hardship for Nigerians.

News

Lagos govt clears beggars, street occupants along Ketu-Alapere corridor

Published

3 hours ago

November 13, 2025

Charles Flames

23 Views

The Lagos State Government has cleared beggars and individuals deemed a public nuisance along the Ketu-Alapere corridor as part of its ongoing environmental sanitation and urban renewal efforts.

The operation was carried out by the Lagos State Environmental Sanitation Corps (LAGESC) and confirmed by the Commissioner for Environment and Water Resources, Tokunbo Wahab, in a statement on his official X account on Wednesday.

“Operatives of the Lagos State Environmental Sanitation Corps today commenced a clearance operation at Ketu-Alapere, removing beggars and other individuals constituting nuisance along the road median,” Wahab said.

He noted that those apprehended would be properly profiled and handed over to relevant authorities for further action. A video released by the commissioner showed LAGESC officials evacuating individuals from the busy corridor, a major link between Lagos Mainland and key transport routes to the Island.

Wahab emphasized that the exercise is part of broader efforts to improve public order, ensure free traffic movement, and maintain the aesthetic appeal of public spaces across Lagos.