Inflation: FG to suspend duty on imported foods, drugs, diesel VAT

Inflation: FG to suspend duty on imported foods, drugs, diesel VAT

The Federal Government is set to announce a six-month suspension of import duty on some food items, drugs and other essential things to curb inflation in the country.

An executive order will be issued by the President on this matter, Newstrends learnt.

The import duty and other tariffs are to be suspended on the following: staple food items; raw materials and other direct inputs used for manufacturing:

Inputs for agriculture production including fertilisers, seedlings, and chemicals, pharmaceutical products, poultry feeds, flour and grains.

The government is likely to include the suspension of the value-added tax (VAT) on automotive gas oil (diesel).