FG Reportedly Considers Suspending Import Levies on Food to Curb Inflation

The federal government is considering suspending import duties on staple food, drugs, and other essential items for six months to slow inflation in the country.

According to a Bloomberg report, the government may also waive levies on fertilizers, poultry feed, flour, and grains, and suspend some value-added taxes.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said the government will stop borrowing from the Central Bank of Nigeria (CBN) through Ways and Means advances as part of a plan to curb inflation.

The document outlining these proposals, according to Bloomberg, has been sent to President Bola Tinubu for his consideration.