The Federal Government dey prepare to stop the payment of import duties on basic food items, drugs, and other important goods for the first six months.

Dem talk say this move, wey dem wan use curb inflation, dey inside one Executive Order wey dem call “Inflation Reduction and Price Stability (Fiscal Policy Measures) Order 2024,” wey The PUNCH talk about.

Although the document never get the President’s signature wey dem plan say e go sign for April, the main aim of the order na to try stabilize prices and reduce the economic load wey dey on top citizens.

Inside the document, dem list some key things wey dem go do, like to stop the payment of import duties and other tariffs on top some important items. Dem dey include staple food items, raw materials for manufacturing, things wey dem dey use for agriculture like fertilizer, seedlings, and chemicals, drugs, poultry feeds, flour, and grains.

Additionally, the order dey tell the Ministry of Finance and the Central Bank of Nigeria to come up with plan to give low-interest loans to sectors wey dey important, like agriculture, drugs, and manufacturing. Dem believe say this go make production increase and costs reduce, and so the prices of things go reduce for market.

Apart from stopping import duties, the President fit also stop Value-Added Tax (VAT) on top some important items for the remaining part of the year. The items include fuel, basic food items, things wey dem dey use to make food like noodles and pasta, raw materials for food production, electricity and public transport, and agriculture materials and drugs.

Dem believe say all these measures go help reduce the financial load wey dey on top Nigerian families and make sure say important things dey affordable. By reducing costs for producers and consumers, the Federal Government dey try ensure say economy dey stable and to reduce how inflation dey affect people.

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