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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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Senate Rule Amendment: Debate Should Focus on Institutional Stability, Not Personalities – Eyiboh

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The heated controversy triggered by the recent amendment to the Senate Standing Rules has been dominated by personalities and emotions rather than substantive institutional issues, Rt Hon Eseme Eyiboh has said.

In a strongly worded statement, the Special Adviser on Media and Publicity to the Senate President argued that the core question before the Senate is not about Senator Godswill Akpabio or Senator Adams Oshiomhole, but whether Nigeria’s legislature should strengthen itself through rules that promote continuity, competence, and long-term stability.

Eyiboh noted that every serious institution worldwide periodically reviews and updates its rules in response to practical experience. “The refusal to review procedures in the face of experience is often a sign of stagnation, not democracy,” he said.

The amendment, which sets a minimum legislative experience threshold for senators aspiring to presiding and principal offices, should be examined through the lens of institutional development, he added.

The former House of Representatives member emphasised that the Senate Presidency is one of Nigeria’s most sensitive constitutional positions. It demands more than political popularity — it requires deep knowledge of parliamentary procedures, committee systems, constitutional interpretation, negotiation, and intergovernmental relations.

“Experience matters,” Eyiboh stressed.

He acknowledged that critics have valid concerns that experience requirements could entrench incumbents and create a closed oligarchy. However, he maintained that the proper response is not to reject minimum standards, but to set a reasonable bar — such as one full term or proven committee leadership — and commit to periodic review to prevent the rule from becoming a barrier to fresh talent.

“Experience without openness becomes arrogance; openness without experience becomes amateurism,” he said. The amendment, according to him, tilts towards correcting amateurism while safeguarding institutional stability.

Eyiboh dismissed suggestions that the rule change was merely intended to shrink competition or protect personal interests. He argued that institutions grow stronger by learning from experience and refining their processes, not by freezing rules indefinitely.

On calls for Senate President Godswill Akpabio to resign if the new qualification is enforced, Eyiboh described the argument as fundamentally flawed. He pointed out the well-established legal principle that laws and rules apply prospectively, not retroactively.

“Senator Akpabio emerged under the rules in existence at the time. Applying today’s standards to yesterday’s mandate is neither legally sustainable nor institutionally rational,” he said.

The statement urged Nigerians and senators to elevate the discussion above personal rivalries and chamber politics. While affirming Senator Oshiomhole’s right to hold dissenting views, Eyiboh insisted the debate must centre on whether the amendment strengthens the Senate as a durable institution.

“Institutions outlive individuals,” he concluded. “Senate Presidents will come and go. But the rules and traditions we establish today will shape legislative stability for decades to come.”

Rt Hon Eseme Eyiboh, mnipr, is a former Member and Spokesperson of the House of Representatives and currently serves as Special Adviser on Media/Publicity and Official Spokesperson to the President of the Senate.

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President Tinubu Cheers US, Nigerian troops elimination of ISIS top leaders, Lauds Trump (Video)

“I commend the personnel involved on both sides for their professionalism and courage, and I look forward to more decisive strikes against all terrorist enclaves across the nation.

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President Bola Tinubu, strengthened by the US military Command vows more decisive strikes against all terrorist enclaves across the nation.

President Tinubu was reacting to Saturday’s overnight successful joint counterterrorism operation carried out by Nigerian and United States forces against an Islamic State hideout in the Lake Chad Basin which resulted in the elimination of a wanted Islamic State senior leader, Abu-Bilal Al-Manuki, also known as Abu-Mainok, alongside several of his lieutenants.

In a State House statement issued on Saturday by Bayo Onanuga, the president’s aide, Tinubu said “Our determined Nigerian Armed Forces, working closely with the Armed Forces of the United States conducted a daring joint operation that dealt a heavy blow to the ranks of the Islamic State.

The president stated that early assessments confirmed that the strike targeted the terrorist leader’s compound in the Lake Chad Basin.

Tinubu however expressed appreciation to the United States for supporting Nigeria’s counterterrorism efforts and advancing shared security objectives.

The president also thanked Donald Trump for what he described as leadership and unwavering support in the operation, saying, “I extend my sincere gratitude to President Trump for his leadership and unwavering support in this effort.”

He further commended military personnel from both countries for their professionalism and courage during the operation.

“I commend the personnel involved on both sides for their professionalism and courage, and I look forward to more decisive strikes against all terrorist enclaves across the nation.

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Many Trapped in Abuja Collapsed Building , 3 Dead (Video)

Eyewitnesses said that about 70 workers were on site at the time of the incident at the building located around Gaduwa Estate in the Gudu area.

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Tragedy struck in the Durumi 3 area near Gudu Market, Abuja, after a three-storey building under construction collapsed on Saturday moring leaving at least three persons dead.

Eyewitnesses said that about 70 workers were on site at the time of the incident at the building located around Gaduwa Estate in the Gudu area.

Three bodies had been evacuated as of the time of filing this report, while rescue efforts were still ongoing to save other victims trapped beneath the rubble.

Officials and emergency responders were seen at the scene carrying out search-and-rescue operations as anxious residents gathered around the area.

The cause of the collapse is yet to be officially confirmed at the time of this report.

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