Agriculture
FG to suspend import duties on staple foods for 6 months
The federal government is considering suspending import duties on staple food, drugs and other essential items for six months to slow inflation in Africa’s most-populous nation. The government may also waive levies on fertilisers, poultry feed, flour and grains, according to a document seen by Bloomberg that has been sent to President Bola Tinubu for his consideration. As part of a plan to get its finances in order, the administration will also stop borrowing from the central bank through so-called ways and means advances. These are part of the initiatives to check rising prices of staple foods across the country in the last one year. According to the Nigeria Bureau of Statistics (NBS), food inflation has been the main driver of inflation in the country.
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