FG To Suspend Import Duties And VAT On Food Items, Others - Business (4)

Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,173,120 members, 7,887,245 topics. Date: Friday, 12 July 2024 at 03:53 AM

FG To Suspend Import Duties And VAT On Food Items, Others - Business (4) - Nairaland

Nairaland Forum / Nairaland / General / Business / FG To Suspend Import Duties And VAT On Food Items, Others (25759 Views)

Binance: Crypto Platforms Impose 7.5% VAT On Transactions / Nigerians To Pay 5% VAT On Online, Internet Transactions January 2020 — FIRS / Is TIN No And VAT No The Same? (2) (3) (4)

(1) (2) (3) (4) (5) (6) (Reply) (Go Down)

Re: FG To Suspend Import Duties And VAT On Food Items, Others by DeepSight(m): 6:02pm On Jun 05

RepoMan007:
Govt lacked the forex supply or inflow to match demand for forex and when forex is artificially cheaper than it should be, demand is bound to be higher. It had to go. Another effect was a falls sense of economic growth and size it created. Dividing by N800 to a dollar made us the largest in africa but in reality we should be dividing by around N1500 to a dollar which has pushed us to 4th largest. It also pushed out rich men off the rich list to their actual positions.

There was no urgency to it and it was terrible timing on account of the removal of subsidy on PMS.

Furthermore in an import dependent economy you have to maintain a hold on your forex rate.

Re: FG To Suspend Import Duties And VAT On Food Items, Others by Chicagograduate(m): 6:02pm On Jun 05

This is one of the causes of inflation

Re: FG To Suspend Import Duties And VAT On Food Items, Others by Shikena(m): 6:03pm On Jun 05

Exactly. We are the problem and what is happening today is the report sheet of 63 years of recklessness, selfishness and shameless profiteering with no iota of sympathy for fellow men.

Nigerians are the problem of Nigeria. Even if they are given products for FREE they won't reduce the sales price because they are already calculating how to buy land in Abuja and buy the latest SUV from even foodstuff sales, so profit must be insanely maximized.

Our culture evolved over the years to I BETTER PASS MY NEIGHBOR, nothing else matters in the long run and it will take generations to change that.

.

abysirius:
Our government is making a mistake. The people will never reduce price. They will tell you that they have still selling their old stock.

Re: FG To Suspend Import Duties And VAT On Food Items, Others by DeepSight(m): 6:03pm On Jun 05

RepoMan007:
No stop watching too many movies. I have seen the movie too.

Why did you choose that moniker.

Re: FG To Suspend Import Duties And VAT On Food Items, Others by RepoMan007: 6:03pm On Jun 05

Laple0541:

But for over 2 decades of promotion, the local production have not been able to meet even 20% of our demands. For now a bold decision is required to address food crisis and this is laudable till we are able to re-strategize.

subsidy is gone for good was a bold statement not matched with preparation.

Re: FG To Suspend Import Duties And VAT On Food Items, Others by Chicagograduate(m): 6:05pm On Jun 05

MrAdam:
Now you're talking..

It has not been implemented.It is just a rumour

Re: FG To Suspend Import Duties And VAT On Food Items, Others by criuze(m): 6:06pm On Jun 05

While leaving gas and fuel above 1k

Re: FG To Suspend Import Duties And VAT On Food Items, Others by Kukutente23: 6:06pm On Jun 05

DeepSight:

It's also possible it's a yet to be signed leaked document. Let's wait and see.

Since April? C'mon!!

Re: FG To Suspend Import Duties And VAT On Food Items, Others by Obviouslyblunt: 6:09pm On Jun 05

Suspending it just for 6 months? Don’t you think importers will import it freely, hoard it and wait till after six months to sell it way higher?

1 Like

Re: FG To Suspend Import Duties And VAT On Food Items, Others by Qadaffi2idiamin: 6:09pm On Jun 05

BigDawsNet:
Good

Food prices go crash now

God punish ya papah

Re: FG To Suspend Import Duties And VAT On Food Items, Others by DeepSight(m): 6:09pm On Jun 05

Kukutente23:

Since April? C'mon!!

I must confess I didn't even look at it. But then again, processes in govt can be slow....

Re: FG To Suspend Import Duties And VAT On Food Items, Others by Bullfallo(m): 6:11pm On Jun 05

Exchange rate wouldn’t allow it come down.

At 1500 to a dollar. Even from neighboring country. Naira lost so much value

3 Cfa was 1 Naira before Buhari closed border but today 1 cfa is 3 naira.

Importing from them will not come down like it use to before

Re: FG To Suspend Import Duties And VAT On Food Items, Others by hegelian: 6:12pm On Jun 05

nlfpmod:

Nojeem ‘Nudge’ Yusuf

https://docs.google.com/document/u/0/d/1oQQ5XkS3VV3LRs7HcQgAeq-R-2l7TO6R3rXCdYMfi5o/mobilebasic?pli=1 5/31/24, 10https://drive.google.com/file/d/1126n1GhFnq60uYnbNV5Cez1Yg0BVTV_P/view?pli=1

https://www.google.com/amp/s/nairametrics.com/2024/06/05/fg-to-suspend-import-duties-on-staple-food-items-drugs-others-for-six-months-to-ease-inflation-report/%3famp=1

This is a very good thinking.. These are what should come before the removal of subsidy and the exchange rate floating or immediately after not after a whole year.. Tinubu need to wake up and realize that governance is not easy for any leader and leaders should be proactive not reactive.. A not well thought policy can have a disastrous effect on the people that it will takes several other policies to tame...
Politics aside, no one want his country to suffer and get destroyed, I don't like Tinubu and never will but I want him to succeed cos his success means growth to the country and that grow the is all we all want...

1 Like

Re: FG To Suspend Import Duties And VAT On Food Items, Others by Pio44: 6:14pm On Jun 05

Creamypie:
Hmm. So price of Camry big for nothing go become 1.5 million? Or na only food

lol Camry na food ?

Re: FG To Suspend Import Duties And VAT On Food Items, Others by frugal(m): 6:18pm On Jun 05

Mandate2023:
Way to go.........let border be open

God punish 0bidi0ts

LOL. Hunger don fry your brain grin

Re: FG To Suspend Import Duties And VAT On Food Items, Others by Reloadedisraelp: 6:20pm On Jun 05

Shikena:
Exactly. We are the problem and what is happening today is the report sheet of 63 years of recklessness, selfishness and shameless profiteering with no iota of sympathy for fellow men.

Nigerians are the problem of Nigeria. Even if they are given products for FREE they won't reduce the sales price because they are already calculating how to buy land in Abuja and buy the latest SUV from even foodstuff sales, so profit must be insanely maximized.

Our culture evolved over the years to I BETTER PASS MY NEIGHBOR, nothing else matters in the long run and it will take generations to change that.

.

oga dats not the issue.... Nigeria didn't start 2023 with bola tinubu ....the problem causing all those are way back to insecurity.... People don't farm anymore + the government ain't even encouraging people to go farm by showing example.... So the little those traders have,they can change the price as they like cos they ain't competition in the market anymore.....if government cant set a policy to regulate price of goods n control the inflow n outflow...then nobody should blame the traders..apc is a curse to Nigeria

Re: FG To Suspend Import Duties And VAT On Food Items, Others by Joynodey: 6:21pm On Jun 05

Nigeria is irredeemable. This particular act will ground the economy completely

Re: FG To Suspend Import Duties And VAT On Food Items, Others by sterlingD(m): 6:24pm On Jun 05

smileyoo:
This is a good move but will not solve the problem of food scarcity.
If this emilokan government can tackle the problem of national insecurities, especially against farmers across the nation, food scarcity will be a thing of the past, because Nigerians had always be taken care of their food needs, before all these useless bandits and heartless Fulani -herdsmen terrorists started killing innocent Nigerians especially farmers in their various farmlands across the nation, thereby drastically reducing the food production capacity of Nigerian farmers.
Those bandits and Fulani -herdsmen terrorists, that has been terrorising and killing Nigerians especially farmers must be treated as enemies of the state, that they are indeed.

Truly spot on,this s what he should have addressed first then other issues subsequently

Re: FG To Suspend Import Duties And VAT On Food Items, Others by MrAdam: 6:26pm On Jun 05

Chicagograduate:
It has not been implemented.It is just a rumour

Rumor.. isn't that the signed hard copy?

Re: FG To Suspend Import Duties And VAT On Food Items, Others by Nice2023(m): 6:31pm On Jun 05

Kizyte:
Government of TRIAL and ERROR. I just hope they get it right this time.

This one go soon backfire and they will come up with another stupid policy again.

1 Like 1 Share

Re: FG To Suspend Import Duties And VAT On Food Items, Others by Cmanforall: 6:32pm On Jun 05

It may reduce the prices of goods especiallyif importation is open to all

nlfpmod:

Nojeem ‘Nudge’ Yusuf

https://docs.google.com/document/u/0/d/1oQQ5XkS3VV3LRs7HcQgAeq-R-2l7TO6R3rXCdYMfi5o/mobilebasic?pli=1 5/31/24, 10https://drive.google.com/file/d/1126n1GhFnq60uYnbNV5Cez1Yg0BVTV_P/view?pli=1

https://www.google.com/amp/s/nairametrics.com/2024/06/05/fg-to-suspend-import-duties-on-staple-food-items-drugs-others-for-six-months-to-ease-inflation-report/%3famp=1

Re: FG To Suspend Import Duties And VAT On Food Items, Others by zionstaar75: 6:34pm On Jun 05

Villa12:
Audio as usual

wailing as usual

Re: FG To Suspend Import Duties And VAT On Food Items, Others by Kukutente23: 6:36pm On Jun 05

DeepSight:

I must confess I didn't even look at it. But then again, processes in govt can be slow....

Bro, someone is trying to get attention for a proposal that stalled

Any time you see such docs leaked, it's from a disgruntled source who feels someone is blocking them

Re: FG To Suspend Import Duties And VAT On Food Items, Others by Villa12(m): 6:39pm On Jun 05

zionstaar75:
wailing as usual

I am waiting in a 1st world country unlike you in a 3rd world retrogressing country with hardship and hunger raise to power 10 grin

Re: FG To Suspend Import Duties And VAT On Food Items, Others by DeepSight(m): 6:41pm On Jun 05

Kukutente23:

Bro, someone is trying to get attention for a proposal that stalled

Any time you see such docs leaked, it's from a disgruntled source who feels someone is blocking them

Highly possible!

Re: FG To Suspend Import Duties And VAT On Food Items, Others by oseahumenb(m): 6:42pm On Jun 05

This Statement is vague and doesn't have any official signature.

This statement could be the handiwork of all those #30k per month agbadorians

Re: FG To Suspend Import Duties And VAT On Food Items, Others by bixton(m): 6:58pm On Jun 05

nlfpmod:

Nojeem ‘Nudge’ Yusuf

https://docs.google.com/document/u/0/d/1oQQ5XkS3VV3LRs7HcQgAeq-R-2l7TO6R3rXCdYMfi5o/mobilebasic?pli=1 5/31/24, 10https://drive.google.com/file/d/1126n1GhFnq60uYnbNV5Cez1Yg0BVTV_P
/view?pli=1

Exemption of import duties and VAT for food is a welcome development.
The government should as a matter of urgency put certain limitations and restrictions on some foods that are home grown. The government only needs to provide grants and loans where application to individuals or specific cooperatives who would want to venture in agriculture and agro allied produce. The land is available. All the people need is security from persons who would cause to their produce and also modern technology for farming.

https://www.google.com/amp/s/nairametrics.com/2024/06/05/fg-to-suspend-import-duties-on-staple-food-items-drugs-others-for-six-months-to-ease-inflation-report/%3famp=1

Re: FG To Suspend Import Duties And VAT On Food Items, Others by ndu99(m): 6:59pm On Jun 05

It all fantasist.
Naija problem don tire Jesus

Re: FG To Suspend Import Duties And VAT On Food Items, Others by Blazetrailer: 7:06pm On Jun 05

..another thoughtless policy as usual. Implications?
1.Make imported food cheaper,
2. pressure on naira,
3.declining local production,
4. declining government revenue,
5.more dependence on loans to fund the budget,
6. more inflation.

Bookmark this post and come back in 6 months or so when the government will come and reverse the
policy.

Current government is being ran by idiots

Re: FG To Suspend Import Duties And VAT On Food Items, Others by CrossRhodes: 7:07pm On Jun 05

Mandate2023:
Way to go.........let border be open

God punish 0bidi0ts

Hunger don finish you....
Na obidients increase VAT abi na dem close border?

onye uchu

Re: FG To Suspend Import Duties And VAT On Food Items, Others by dahnimoh(m): 7:11pm On Jun 05

Is sugar inclusive

Re: FG To Suspend Import Duties And VAT On Food Items, Others by dahnimoh(m): 7:13pm On Jun 05

[quote author=Blazetrailer post=130323801]..another thoughtless policy as usual. Implications?
1.Make imported food cheaper,
2. pressure on naira,
3.declining local production,
4. declining government revenue,
5.more dependence on loans to fund the budget,

Bookmark this post and come back in 6 months or so when the government will come and reverse the
policy.

Current government is being ran by idiots [/quote
]

Economist, proffer your solution.

(1) (2) (3) (4) (5) (6) (Reply)

Dangote Gains $5.8bn In One Day, Now World’s 64th Richest Person / Binance Executive, Tigran Gambaryan Collapses In Court / Checkout Today's Naira Exchange Rate

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 35
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.