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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
Nigeria Issues Safety Advisory to Citizens in South Africa over attacks on foreigners
Nigerian business owners were specifically cautioned to take preventive measures, including shutting down operations on Freedom Day, April 27, and possibly extending closures through April 28 and 29, noting that foreign-owned businesses are often targets during such unrest.
• Anti – immigrant groups in South Africa protest
The Nigerians in Diaspora Commission (NiDCOM) has urged Nigerian citizens residing in South Africa to exercise caution and strictly adhere to safety advisories amid rising anti-foreigner protests in parts of the country.
According to the advisory, intelligence reports indicate that additional protests are scheduled to take place in Gauteng Province between April 27 and April 29, with demonstrators reportedly seeking to pressure the South African government over the presence of foreign nationals.
NiDCOM in a press release signed by its Head, Media, a public Relations and Protocols Unit, Abdur-Rahman Balogun advised Nigerians to avoid engaging with protest groups, steer clear of confrontation, and closely monitor local media for updates on the security situation.
The commission also stressed the importance of remaining law-abiding at all times.
Nigerian business owners were specifically cautioned to take preventive measures, including shutting down operations on Freedom Day, April 27, and possibly extending closures through April 28 and 29, noting that foreign-owned businesses are often targets during such unrest.
NiDCOM reaffirmed its support for the position of the Consul-General in Johannesburg, Ambassador Ninikanwa O. Okey-Uche, stating that the consulate remains operational and is working closely with South African security agencies to safeguard Nigerian nationals.
South Africa is home to about 2.4 million migrants, just less than 4% of the population, according to official figures. However, many more are thought to be in the country unofficially.Most come from neighbouring countries such as Lesotho, Zimbabwe and Mozambique, which have a history of providing migrant labour to their wealthy neighbour. A smaller number come from Nigeria.
News
Kenyan President mocks Nigerians’ spoken English
As former British colonies, both Kenya and Nigeria share English as an official language, but each country has developed distinct spoken varieties with different phonetic structures.
“If you listen to a Nigerian speaking, you don’t know what they are saying – you need a translator; Kenyans spoke “some of the best English in the world”, boast Kenyan President William Ruto, while addressing Kenyans in Italy this week.
Earlier this month, Nigerian President Bola Tinubu faced a backlash from Kenyans online after stating that Nigerians were “better off than those in Kenya and other African countries” despite rising fuel prices at home.
Ruto’s remarks drew fierce condemnation from Nigerians and other Africans online who accused the Kenyan leader of demeaning a fellow African nation.”
English is a colonial language, not a measure of intelligence, capability, or national progress,” wrote Hopewell Chin’ono, a Zimbabwean journalist.
These differences reflect the influence of indigenous languages – Nigeria has more than 500 languages which shape its cadence and intonation, while Kenya’s Bantu, Nilotic and Cushitic mix give rise to its own accents.
But in his address to the diaspora gathering, Ruto said Kenya’s education system produced strong English proficiency and that it was difficult to understand Nigerians when they spoke English.
“Our education is good. Our English is good. We speak some of the best English in the world. If you listen to a Nigerian speaking, you don’t know what they are saying. You need a translator even when they are speaking English,” he said, sparking laughter in the room.
“We have some of the best human capital anywhere in the world. We just need to sharpen it with more training,” Ruto added.
His remarks have led to widespread reactions on social media, with many users criticising the Kenyan leader for showcasing a “deep inferiority complex rooted in colonial conditioning”.
“Ruto is mocking the English of the country with a Nobel Prize for literature winner.The Nation of Achebe and Chimamanda,” former Nigerian senator Shehu Sani posted on X, referring to Wole Soyinka – the country’s only Nobel Prize winner – along with acclaimed authors Chinua Achebe and Chimamanda Ngozi Adichie.
Other social media users urged Ruto to focus on addressing pressing issues facing his citizens – such as the cost of living and unemployment – rather than engaging in what they described as distractions.
News
Jonathan visits Tinubu in Aso Rock
Jonathan’s latest visit comes months after his last known appearance at the State House in November 2025, shortly after his evacuation from Guinea-Bissau amid a political crisis.
PRESIDENT Bola Tinubu on Wednesday received former President Goodluck Jonathan at the Presidential Villa, Abuja, in what officials described as part of ongoing high-level consultations on regional and continental issues.
The meeting, which was held behind closed doors at the State House, began at about 4 pm.
Sources familiar with the engagement indicated that the interaction aligns with a pattern of periodic consultations between both leaders, particularly on political developments in West Africa and Nigeria’s broader diplomatic and continental engagements..
Images from the meeting showed both leaders in a relaxed setting, engaged in conversation inside the President’s office.
Jonathan’s latest visit comes months after his last known appearance at the State House in November 2025, shortly after his evacuation from Guinea-Bissau amid a political crisis.
The former president had been leading a West African Elders Forum election observation mission when soldiers loyal to Brigadier-General Dinis Incanha reportedly staged a coup, detaining incumbent President Umaro Sissoco Embaló ahead of the official announcement of the November 23 presidential election results.
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