ABUJA —The Federal Government has said food items to be imported into the country in the next 150 days will be subjected to recommended retail price to bring down the high cost of food in Nigeria.

This came on a day the lawmaker representing Borno South senatorial district, Senator Ali Ndume, alleged that the food crisis in the country was further worsened by the fact that President Bola Tinubu was not accessible to be advised by lawmakers and even cabinet ministers.

Recall that the government a few days ago, suspended import duties and taxes on food items, such as rice and wheat, among others.

The Minister of Agriculture and Food Security, Abubakar Kyari, who disclosed this on his social media handle yesterday, said having suspended duties and taxes on food items, the Federal Government will take a step further to subject items to be imported to what he described as the recommended retail price.

He also assured that the prices of food items in the country will crash in the next 180 days, and pleaded with Nigerians to be patient with the government.

The minister said: “Our administration has unveiled a series of strategic measures aimed at addressing the high food prices currently affecting our nation. These measures will be implemented over the next 180 days, including 150-day duty-free import window for food commodities
“It also includes 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 cowpeas.

“Imported food commodities will be subjected to a Recommended Retail Price, RRP. We understand concerns about the quality of these imports, especially regarding their genetic composition.

‘’The government assures that all standards will be maintained to ensure the safety and quality of food items for consumption.

“The Federal Government will import 250,000 metric tons of wheat and 250,000 metric tons of maize. These semi-processed commodities will be supplied to small-scale processors and millers across the country.’’

The minister stated further: “There will also be engagement with relevant stakeholders to set a GMP and purchase surplus food commodities to re-stock the National Strategic Food Reserve; Ramp-up production for the 2024/2025 farming cycle

“Continued support to smallholder farmers during the ongoing wet season farming through existing government initiatives; strengthening and accelerating dry season farming nationwide.’’

The minister also explained that over the next 14 days, the Presidential Food Systems Coordinating Unit, PFSCU, and the Economic Management Team, EMT, will, in collaboration, meet with respective agencies to finalize implementation frameworks for the new policy of making food cheaply available for Nigerians.

‘’We will ensure that information is publicly available to facilitate the participation of all relevant stakeholders across the country,’’ he added.

ogododo:
Ibrahim Hassan

ABUJA —The Federal Government has said food items to be imported into the country in the next 150 days will be subjected to recommended retail price to bring down the high cost of food in Nigeria.


This came on a day the lawmaker representing Borno South senatorial district, Senator Ali Ndume, alleged that the food crisis in the country was further worsened by the fact that President Bola Tinubu was not accessible to be advised by lawmakers and even cabinet ministers.

I'll draw 1,000 faces of people making positive impact — Ebunoluwa, 9-Yr-Old wonderkid..0:00 / 0:00

Recall that the government a few days ago, suspended import duties and taxes on food items, such as rice and wheat, among others.

The Minister of Agriculture and Food Security, Abubakar Kyari, who disclosed this on his X (formerly Twitter) handle yesterday, said having suspended duties and taxes on food items, the Federal Government will take a step further to subject items to be imported to what he described as the recommended retail price.

He also assured that the prices of food items in the country will crash in the next 180 days, and pleaded with Nigerians to be patient with the government.

The minister said: “Our administration has unveiled a series of strategic measures aimed at addressing the high food prices currently affecting our nation. These measures will be implemented over the next 180 days, including 150-day duty-free import window for food commodities
“It also includes 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 cowpeas.

“Imported food commodities will be subjected to a Recommended Retail Price, RRP. We understand concerns about the quality of these imports, especially regarding their genetic composition.
‘’The government assures that all standards will be maintained to ensure the safety and quality of food items for consumption.

“The Federal Government will import 250,000 metric tons of wheat and 250,000 metric tons of maize. These semi-processed commodities will be supplied to small-scale processors and millers across the country.’’

The minister stated further: “There will also be engagement with relevant stakeholders to set a GMP and purchase surplus food commodities to re-stock the National Strategic Food Reserve; Ramp-up production for the 2024/2025 farming cycle


“Continued support to smallholder farmers during the ongoing wet season farming through existing government initiatives; strengthening and accelerating dry season farming nationwide.’’

The minister also explained that over the next 14 days, the Presidential Food Systems Coordinating Unit, PFSCU, and the Economic Management Team, EMT, will, in collaboration, meet with respective agencies to finalize implementation frameworks for the new policy of making food cheaply available for Nigerians.

‘’We will ensure that information is publicly available to facilitate the participation of all relevant stakeholders across the country,’’ he added.

https://www.vanguardngr.com/2024/07/well-regulate-price-of-imported-foodstuffs-fg/

mrvitalis:
It seems APC took a book on developmental economics... Listed out everything a country needs to do to achieve development

Then decide to always do the direct opposite

You want to regulate price of imported goods? How exactly? You want to create another bottle neck that would bring more corruption

I once here analyzed how we can make 1 trillion a year by rice import by reducing the price n supporting local farmers too.. Now u want to just open boarders for rice?

I'm tired but let me use rice as an example

1) why can't Nigerian rice farmers compete with imported rice

a) we use primitive seeds to plant - rice farming has become so advanced thst seeds are developed to fit a locality

b) we plant rice rice in farms instead of rice fields, making multiple farm per cycle very very difficult

The above takes money a lot of money but that's where government comes in... We can get 1 trillion from rice import easily and use this money to support rice farmers to stand up

1) average price of rice imported is maximum of ₦35k rice is sold at ₦90k because it's smuggled in
2) allow rice import from our ports, all ports please... Slap a 50% import duty on it

Nigerian imports 3 million tons of rige average legal and smuggled

That should give us over 1 trillion per year in rice tax

3) use this money 30% goes to seedlings development companies as interest free loans
70% goes to rice farmerd coopratuves with 500 hectares to construct rice fields and dams

You would drop price of imported rice to 60k
Improve productivity of local rice making the cost of producing a back to go below 15k

Then allow market forces work

iwaeda:


You get the beat, now their associates will be made emergency importers, the prices will still not come low. Why not open borders and allow free entry and exits; derby allowing real market forces. Anyways, he built Lagos.

Philipponzaghi:
Looks like FG is bringing some muchneeded balance to the import game, they're like the Iron Chef of government!

Beremx:
We will wait after three months to see the effect. Meanwhile, Tinubu should allow food pass through our borders. Nigerians are hungry.