The Finance and Business Online Publishers (FiBOP) has applauded President Bola Ahmed Tinubu for his decisive action in suspending taxes on essential agricultural imports such as maize and rice.

FiBOP in a statement lauded the President’s initiative, emphasizing that the tax moratorium will help alleviate hardship and hunger across the nation by making staple foods more affordable and accessible to all Nigerians.

The suspension of taxes on critical food items is expected tol stabilize food prices, reduce the financial burden on Nigerian families, support local businesses and the agricultural sector and impact positively on the Nigerian economy.

President Tinubu’s administration has been focusing on measures to mitigate economic challenges, including addressing inflation and promoting sustainable agricultural practices.

FiBOP urged industry players to support and complement the government’s efforts, investing in and expanding their operations to maximize the benefits of this policy which is part of a broader strategy to enhance food security and support economic stability.

The Association expressed optimism about the long-term benefits of the tax suspension, anticipating a more resilient and self-sufficient agricultural sector.

“This policy sets the stage for a sustainable agricultural framework in Nigeria, where local production can thrive alongside necessary imports, ensuring robust and reliable food systems.” The statement read.

FiBOP’s endorsement highlights the importance of collaborative efforts between the government and private sector in achieving national development goals.

As Nigeria navigates its economic recovery, this move demonstrates the potential for decisive policy action to drive positive change.