…Husked brown rice, wheat, maize and cowpea included in the list
…The President also mandated engagement of relevant stakeholders to set a Guaranteed Minimum Price (GMP) and mop up surplus assorted food commodities to restock the National Strategic Food Reserve.
MON JULY 08 2024-theGBJournal| The Federal Government today granted a 150-day suspension of duties, tariffs and taxes for the importation of certain food commodities-through land and sea borders.
These commodities include maize, husked brown rice, wheat and cowpea, and these commodities will be subjected to a recommended retail price (RRP).
The suspension is in the recommendations presented by Presidential Economic Coordination Council (PECC) under which, the Economic Management Team (EMT) recently presented to President Bola Tinubu an Accelerated Stabilization and Advancement Plan.
The recommendation is also part of effort to arrest accelerating food inflation-(at 40.66% in May 2024) in the country caused by affordability and exacerbated by availability.
Recall that N2 trillion package was approved to be spent on actualizing the Accelerated Stabilization and Advancement Plan of which agriculture sector is key focus.
President Tinubu noted that he is aware that Nigerians might be concerned of the quality of the would be imported food commodities as it relates to the trending worries around genetic composition of food.
”I am glad to reiterate that the government’s position exemplifies standards that would not compromise the safety of the various food items for consumption,” the President said.
The President said that in addition to the importation by private sector, the Federal Government will import 250,000 MT of wheat and 250,000 MT of maize.
The imported food commodities in their semi processed state will target supplies to the small-scale processors and millers across the country.
The President also mandated engagement of relevant stakeholders to set a Guaranteed Minimum Price (GMP) and mop up surplus assorted food commodities to restock the National Strategic Food Reserve.
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