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The Customs, Excise Tariff Variation Order 2024 was unveiled by the federal government with the goal of increasing food security and lowering national inflation.

This was disclosed in a statement released on Thursday in Abuja by Mr. Mohammed Manga, Director of Press and Public Relations at the Ministry of Finance.

The announcement states that Mr. Wale Edun, the Coordinating Minister of the Economy and Minister of Finance, signed the rule to provide a framework for the Customs, Excise Tariffs Order 2024.

“In a bid to tackle food price inflation and stimulate domestic agricultural growth, the Federal Government has introduced the Regulation for implementation of the Customs, Excise Tariff, Etc. Variation Order 2024,” Edun said.

He stated that the action aimed to eliminate tariffs, value-added taxes, levies, and duties that were applicable to the importation of essential food commodities in order to regulate and reduce the inflation of food prices.

Prices of Garri, Fufu, and others drop as Nigeria’s food inflation fall

He said that Nigeria was going to experience a major decline in the inflation of food prices, more investment in the agriculture sector, and improved food security as a result of the implementation of these policies.

The minister reaffirmed that this regulation was evidence of the government’s commitment to fostering an environment that would promote economic growth.

Edun encouraged all qualified businesses to seize the chance to support the nation’s economic growth and food security.

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