Connect with us

News

Tinubu may suspend import duties on food, drugs

Published

on

President Bola Tinubu will on Sunday address Nigerians in a nationwide broadcast at 7 am. A statement by Ajuri Ngelale, presidential

The Federal Government may have set in motion a plan to suspend the payment of import duties on staple food items, drugs, and other essential items for an initial period of six months as a measure to curb inflation, The PUNCH reports.

This was contained in an Executive Order expected to be issued by the President titled, “Inflation Reduction and Price Stability (Fiscal Policy Measures) Order 2024.”

The document, seen by our correspondent, did not include the signature of the President but was supposed to be signed in April.

The document also includes plans to waive levies on fertilisers, poultry feed, flour, and grains.

The executive order will mandate the Ministry of Finance and the Central Bank of Nigeria to devise a plan for offering low-interest loans to the agriculture, pharmaceutical, and manufacturing sectors.

“The import duty and other tariffs are to be suspended on the following for six months: 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 document read in part.

The president is also likely to suspend the Value-Added Tax on Automotive Gas Oil, some basic food items and semi-processed staple food items such as noodles and pasta, raw-material inputs for the manufacture of food items, electricity and public transportation, as well as agricultural inputs and produce and pharmaceutical products for the rest of the year.

Advertisement

“Suspension of Specific Taxes and Levies: For six months, the order suspends various taxes and levies, such as road haulage tax and other transportation-related charges; fees on bicycles, trucks, canoes, wheelbarrows, and carts; business premises registration; taxes and levies on shops, kiosks, and markets; animal trade and produce sales tax.”

In its Accelerated Stabilisation and Advancement Plan report, the government is considering the importation of paddy rice into the country as well as maize.

The ASAP report recommended an executive order on the importation of paddy rice to millers to stem the growing tide of food inflation across the country.

The document also recommends the following: Import duty & VAT suspension on specified items including importation of paddy rice by millers and import duty exchange rate peg

Meanwhile, the proposed plan by the federal government conflicts with earlier statements by Tinubu on food imports earlier this year.

Tinunu at an event with state chairpersons of the All Progressive Congress said his administration would not allow the importation of food but rather turn the lack in the country into abundance.

“Fertilisers are being supplied to farmers as we speak. Agriculture and economic diversification provide the answers to our problems.

Advertisement

“We will not continue to import food. We know how to turn lack into abundance, and the world will watch us do it again,’’ he said.

In Nigeria, a food crisis looms large, challenging the nation’s stability. Food prices have surged, with food inflation reaching 40.5 per cent.

Among the hardest-hit commodities is rice, a dietary staple. In the past year alone, rice prices have skyrocketed by 169 per cent, reaching nearly N90,000 per bag in March and April. This sharp increase in food costs is placing immense strain on households across the country, exacerbating an already fragile economy.

It’s estimated that around 31 million Nigerians may face severe food shortages by August this year.

Furthermore, Tinubu plans to discontinue the payment of taxes and levies in foreign currency through an executive order.

To reduce pressure on the naira, the order also mandates that all levels of government and their agencies prioritise the procurement of Made in Nigeria goods and services.

A part of the document read, “Governments at all levels and their agencies shall patronise MADE IN NIGERIA goods and services to the extent possible.

Advertisement

“Payments of taxes and levies in foreign currency shall be discontinued to enable the payers to pay in Naira while non-critical spending plans by any MDA involving foreign exchange cost shall be put on hold. States and local governments are encouraged to support these tax suspensions to ensure broad-based relief for businesses and consumers.”

Commenting, the Chief Executive Officer, the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf applauded the stabilisation plan, stating that the plan when implemented will address burning economic issues bothering real sector investors.

Muda, speaking in an interview said, “The proposed Accelerated Stabilisation and Advancement Plan is a laudable proposition coming from the Finance Minister. It addresses many of the burning economic issues bothering real sector investors.

“The plan contains robust and comprehensive fiscal policy measures that stakeholders in the real economy had clamoured for over the past year. It addresses the concerns of investors on high interest rates, high cost of cargo clearance at the ports, and high import duty regimes.

“The relaxation of import duties on critical raw materials for manufacturers would calm the raging inflationary pressures in the economy, especially food inflation. The fiscal measures reflect the responsiveness of the administration to the concerns of investors in the real economy. We urge for expeditious implementation of the plan, once approved by the president.”

Meanwhile, the Federal Government may borrow an additional N7.24tn in 2024 to fund its economic intervention plan.

This was revealed during a presentation of the ASAP plan by the Minister of Finance, Wale Edun designed to address key challenges affecting the reform initiatives and stimulate development in various sectors of the economy.

Advertisement

Source: The Punch

 

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

REVEALED: Meet ex-President Jonathan’s Second wife, mother of his two boys 

Published

on

REVEALED: Meet ex-President Jonathan’s Second wife, mother of his two boys 

Unknown to most Nigerians, President Goodluck Ebele Jonathan has another wife, aside from the First Lady, Dame Patience Ibifaka (née Oba).

The existence of his second wife.Dr Mrs. Lott Jonathan, popularly called Mrs. Lott J, is one major aspect of GEJ’s family life, which is consciously being kept out of the awareness of most Nigerians. Lott J is not just President Jonathan’s second wife, she is also the mother of his children, two boys.

A Law graduate of Rivers State University of Science and Technology (RSUST), Lott J is the daughter of Chief F.D. Lott, a renowned lawyer and former Attorney-General of Bayelsa State.

She is the cousin of Diezeni Allison-Madueke, the controversy-inclined Minister of Petroleum, and the two are as close as blood sisters can be. Lott J’s father is a member of the Governing Council of Niger Delta University, Bayelsa.

Sources disclosed that Lott J has been married to the President even before he made his foray into politics. It was gathered that after Jonathan became the Deputy-Governor of Bayelsa State, Lott J tried to muscle her way into his heart, by using her two sons as a bargaining chip to tie his hand.

However, she met a resistance in a fiery Patience, who foiled all her attempts. By the time Jonathan became the governor of Bayelsa State, he decided to relocate his second wife and two sons to the United States of America.

Shortly after Jonathan became President, Lott J came back to Nigeria with her two sons, and made Abuja her place of abode.
Lott J lives in one of the most highbrow areas in Maitama Street. Her husband is said to pay her a visit every Sunday.

Advertisement

Lott J recently bagged a Doctorate Degree in Education.

Described as a very easy-going and self-effacing lady, Lott J owns and runs a private school, Aduvie Montessori International. It is situated off Blantyre Street in Maitama and it is rated as one of the best in FCT Abuja.

newsmirrorng

 

Continue Reading

News

Aisha Buhari: What my husband told me to do before his death

Published

on

Aisha Buhari: What my husband told me to do before his death

Aisha Buhari, the widow of the late former President Muhammadu Buhari, has shared that her husband left behind a touching message for her to convey to the people of Nigeria.

“Ever since he left office, he often told me that if he passed away before me, I should kindly ask Nigerians to forgive him for any wrongs he might committed during his time in power.

He always reminded me that he was only human capable of both good and mistakes.

That’s why I’m here today, begging all Nigerians to please forgive him before he is finally laid to rest”.

 

Continue Reading

News

Tinubu declares Tuesday public holiday for Buhari

Published

on

Tinubu declares Tuesday public holiday for Buhari

The Federal Government has declared Tuesday, July 15, a public holiday in honour of the late former president, Muhammadu Buhari.

The declaration is in furtherance of the seven days of national mourning earlier declared by President Bola Tinubu in honour of Buhari.

Minister of Interior Dr. Olubunmi Tunji-Ojo, in a statement signed by the Permanent Secretary in the ministry, Dr. Magdalene Ajani, made the declaration on behalf of the Federal Government.

The minister stated that the holiday is a mark of respect for the late president’s service to the nation, his contributions to Nigeria’s democratic journey, and his enduring legacy in governance and national development.

“President Muhammadu Buhari served Nigeria with dedication, integrity, and an unwavering commitment to the unity and progress of our great nation. This public holiday provides an opportunity for all Nigerians to reflect on his life, leadership, and the values he upheld,” the minister said.

He urged citizens to use the day to honour the late president’s memory by promoting peace, patriotism, and national cohesion, in line with his vision for a prosperous and united Nigeria.

“As earlier announced, the national flags are to fly at half-mast for the seven-daymourning period from Sunday, 13th July, 2025.

Advertisement

“The Federal Government extends its deepest condolences to the family of the late president, the people of Katsina State, and all Nigerians, while praying for the peaceful repose of his soul,” the statement added.¹

 

Continue Reading

News

Buhari’s death: What IPOB said about former president, shocking reaction

Published

on

Buhari’s death: What IPOB said about former president

The Indigenous People of Biafra (IPOB) has reacted to the death of former President Muhammadu Buhari.

In a statement following the announcement by Garba Shehu, a former spokesperson for the Presidency confirming the death of Buhari, the group described the revelation as long-overdue vindication for its leader, Mazi Nnamdi Kanu, who had consistently claimed that Buhari died in 2017.

From Trump: More trouble for Nigeria’s businesses, tech innovators, students

According to the IPOB’s spokesperson, Comrade Emma Powerful, the group referenced long-standing claims made by Kanu concerning the leadership of the country and called for deeper reflection on the country’s political history between 2017 and 2023.

The group stated that Kanu had, as far back as 2017, raised questions about President Buhari’s health and presence in public life, adding that recent acknowledgments by former government officials have reignited public debate around those claims.

“Mazi Nnamdi Kanu spoke on sensitive matters that many dismissed at the time,” the statement read. “Recent developments only highlight the need for transparency and open dialogue in governance.”

While avoiding direct reference to conspiracy theories, IPOB emphasized the need for public accountability, urging Nigerians to examine the implications of official silence on important national issues.

Advertisement

“We believe this is a moment for the country to reflect on the importance of truth in leadership, and the consequences of withholding information from the public,” the group added.

The statement also called for recognition of Kanu’s role in raising awareness on national issues, and reiterated IPOB’s demand for his release from detention.

The comment by Garba Shehu, which acknowledged that President Buhari had faced serious health challenges during his tenure, has sparked renewed discussion online and in the media, though no official confirmation has been made on any of the more controversial claims circulating.

Observers have noted that while the Shehu statement did not confirm any wrongdoing, it has led to fresh calls for a detailed review of leadership conduct during that period.

The IPOB’s statement concluded with a call for justice, truth, and reconciliation, stating that Nigeria must move forward through transparency, not speculation.

From Trump: More trouble for Nigeria’s businesses, tech innovators, students

 

Advertisement
Continue Reading

News

Osun 2026: Davido releases new song, ‘From Umbrella To Broom’, as Governor Adeleke set to join APC

Published

on

Osun 2026: Davido releases new song, 'From Umbrella To Broom', as Governor Adeleke set to join APC

Ahead of the 2026 Osun State elections, Nigerian music superstar Davido has unveiled a new single titled “From Umbrella To Broom.”

This release comes in light of Governor Ademola Adeleke’s recent decision to defect from the People’s Democratic Party (PDP) to the All Progressives Congress (APC).

The song, infused with vibrant beats and thought-provoking lyrics, captures the essence of political change and loyalty, reflecting the complex dynamics within the state’s political landscape. As the campaign season heats up, Davido’s passionate tribute aims to rally support for Governor Adeleke, highlighting the significant implications of this political shift for the people of Osun.

According to sources in Adeleke’s camp confirmed that the governor will be unveiled at a ceremonial event after meeting top APC stakeholders yesterday.

ADC Presidential Candidate: Who endorsed Amaechi above Atiku, Obi?

Compounding the rumors surrounding his political shift is the recent release of a new song by Davido, the globally renowned Nigerian artist and brother to Governor Adeleke. The track, titled “New broom go sweep better, Ẹtan abẹla si ìjọba wa, From umbrella to the broom,” has stirred considerable buzz and is seen by many as a commentary on the governor’s anticipated defection to the APC. The lyrics metaphorically suggest change and renewal, further fueling speculation about Adeleke’s political ambitions.

Adding to the excitement, Davido, who has been a visible supporter of his brother, accompanied Governor Adeleke during a recent visit to President Bola Tinubu in Lagos. In light of the 2026 governorship election approaching, Davido is poised to be a key promotional figure for Adeleke’s campaign, further intertwining the realms of music and politics in this evolving scenario.

Advertisement

“As of now, there are deliberations around Adeleke joining the APC. The considerations of the party (APC) leaders are that if he joins, it would help it get a hold of Osun State, given that he is the incumbent governor, but we are still waiting on what will happen,” an APC chieftain told SaharaReporters.

Another APC source in Osun said the final decision rests with President Bola Tinubu.

ADC Presidential Candidate: Who endorsed Amaechi above Atiku, Obi?

“If the President decides to accept Adeleke into the party, we would support him, as he is the leader of the party,” the source said.

“The issue however is that quite a number of key members of the PDP in Osun State left the party (PDP), due to differences with Adeleke, so there are concerns that if Adeleke joins the party, it may have adverse effect on the APC in Osun State, how would those who left PDP because of Adeleke feel.”

WATCH VIDEO HERE

 

Advertisement
Continue Reading

News

(FULL LIST): 8 countries where Nigerians can easily get a work visa

Published

on

(FULL LIST): 8 countries where Nigerians can easily get a work visa

Moving for a job usually involves obtaining a valid work visa, and the requirements can differ from one country to another.

However, some European countries have streamlined their visa processes, making it easier for foreign professionals to obtain employment permits.

A work visa allows foreign nationals to live and work legally in another country. The specific type of visa depends on factors such as job position, skills, and employer sponsorship.

Applicants must submit the required documents, meet eligibility criteria, and comply with immigration rules. Countries with streamlined visa systems often use them to attract skilled workers and address labour shortages.

According to Visa guide, here are 8 countries where Nigerians can easily get a work visa

Iceland
Iceland is a popular choice due to its work-life balance and structured visa process. Applicants must secure a contract before applying for a visa. The country offers multiple work permits, including those for expert knowledge, labour shortages, athletes, family reunification, students, specialised employees on a service contract, and special reasons.

Latvia
Foreign nationals require a residence permit, type D visa, and work permit unless they are Latvian company shareholders, permanent residence holders, or managers of foreign companies representing a Latvian firm. EU nationals do not need a work permit but must apply for a residence permit if staying beyond 90 days. Work permit types include A type for Latvian employers, C and E types for intra-company transfers, D type for business visits, and a seasonal work visa for temporary employment.

Advertisement

Lithuania
Lithuania is attractive to immigrant workers. Applicants need a job offer before applying, and the employer submits the work permit application to the Lithuanian Labour Exchange. Some non-EU citizens can work without a permit if they meet high-level professional qualification requirements and obtain a decision on compliance with labour market needs, after which they apply for a temporary residence permit instead of a national visa or work visa.

Estonia
Estonia has a high rate of accepted work visa applications and receives fewer requests than other countries. Applicants can apply for a D visa for short-term projects or begin working immediately while applying for a residence permit upon arrival. Job opportunities are frequently posted on the Work in Estonia webpage.

Slovakia
Slovakia’s economic growth makes it an attractive destination for job seekers. Applicants typically require a single permit for residence and work, a work permit with temporary residence for employment or family reunification, or a long-term residence permit. Work visa options include a single permit requiring a reported job vacancy 20 days before applying, a work permit for family reunification cases, seasonal employment for up to 180 days, and an EU Blue Card for highly skilled professionals.

Czechia
Czechia attracts job seekers due to its economy and skilled workforce. Work visa options include an employee card issued for specific job positions for two years, an EU Blue Card for university graduates, an intra-company employee transfer card for transfers within multinational firms, a type D business visa for self-employed individuals, and special provisions for foreigners with free access to the labour market, such as family members of Blue Card holders or certain international students.

Luxembourg
Luxembourg offers various visa options, including a short-stay Schengen visa for business activities, a long-stay national visa for employment exceeding 90 days, and an EU Blue Card for highly skilled professionals working for over 12 months. The country has a high minimum wage and low unemployment rates.

Germany
Germany has a large and diverse workforce and welcomes immigrant workers through its visa system. Applicants can apply for a long-stay visa if they have a job offer, plan to establish a business or work as freelancers, seek employment upon arrival, participate in an au pair programme, or qualify for a working holiday visa under agreements with specific countries. The country has also introduced an ‘opportunity card’ allowing foreign nationals to enter and look for jobs without a prior offer.

 

Advertisement
Continue Reading

Top Stories

Share via
Copy link