Nigeria’s imported food inflation surged to 42.29 per cent in November 2024, according to the Consumer Price Index report released by the National Bureau of Statistics (NBS). This represents a significant rise from 23.74 per cent recorded in November 2023, marking an 18.55 percentage point year-on-year increase. On a month-on-month basis, the inflation rate increased from 40.96 per cent in …

The Federal Government’s plans to reduce the price of food commodities through implementation of a zero per cent duty and exemption from value-added tax on selected basic food items are increasingly becoming difficult to achieve. The challenge is underscored by alarming increase in the average price of imported food items, which rose to 878.3 price point index in September 2024, …

The Comptroller-General of Customs, Bashir Adeniyi, has expressed hope that the suspension of duties and taxes on imported food items over some time would help reduce food prices. Adeniyi stated that his service is dedicated to implementing the policy as outlined by the government. He spoke at the security heads’ meeting in Abuja on Tuesday. Adeniyi said, “The protest was …