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Federal Government announces new 65% levy on Wheat flour

The Federal Govern-ment yesterday an-nounced an additional 65 per cent levy on wheat flour imports and also established a Cas-sava Bread Development Fund. These and other fiscal measures unveiled by

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قديم 07-12-2012, 05:30 PM
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افتراضي Federal Government announces new 65% levy on Wheat flour

The Federal Govern-ment yesterday an-nounced an additional 65 per cent levy on Wheat flour imports and also established a Cas-sava Bread Development Fund. These and other fiscal measures unveiled by the Coordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala, are to en-sure that the policy on cassava bread succeeds and impact positively on other links of the cassava value programme of the government.

The additional levy will also be paid with the 35 per cent duty on the commodity in line with the approved 2012 bud-getary provision, which becomes effective this month. Disclosing this at a par-ley with flour millers and master bakers in Abuja, Okonjo-Iweala also an-nounced the slash of tar-iffs on cassava enhancing enzymes from 10 per cent to zero per cent effective from Sunday, 15th July this year.

While restating government’s commitment to ensure the success of the cassava flour bread agenda in view of its far-reaching benefits to the economy, the minister said in order to strength-en the technological and manpower capacities for the development of the entire cassava value chain, a new Cassava Flour Development Fund will also be created immediately.


According to her, the money to operate the Fund would be sourced from the newly imposed 65 per cent levy on Wheat imports and would be managed at first instance by the Ministers of Finance, Agriculture, Trade and Investment and Science Technology and the Director General of the Budget Office.


Okonjo Iweala explained further that substantial part of the Fund would be commit-ted to training of the over 400,000 master bakers scattered across the country, encourage the decen-tralisation of the baking industry and also support them in understanding the operations of the new modular technologies that would be acquired to boost cassava flour processing as the imple-mentation of the cassava bread is sustained.


The minister said: “The Wheat flour, which used to attract a duty rate of 35 per cent with no levy will, effective 1st of July and in order to encourage the substitution of cassava flour for Wheat flour, attract not just the duty rate of 35 per cent, but also attract a 65 per cent levy and that has now kicked into effect. So, that is where we were. This is to encourage the flour milling industry to kick in and begin to aid the substitution of cassava flour for Wheat flour.


“But, in addition to that incentive to the cas-sava value chain and to the cassava processing industry, we want to announce a couple more additional incentives that will help the industry. The first is with regard to cassava enhancing enzymes, which the Min-ister of Agriculture just referred to.


“At present, they at-tract a duty rate of 10 per cent. We will reduce that to zero per cent ef-fective from now. So, as from 15th July, we are reducing the duty on cas-sava enhancing enzymes from 10 per cent to zero per cent to encourage the bakers and the millers in the industry. “The second thing that we would do is that we are going to use part of the 65 per cent levy on Wheat flour to create a Cassava Bread Develop-ment Fund and this Fund would be used to support the cassava value chain.”


Earlier in his remarks, the Minister of Agriculture and Rural development, Dr. Akinwumi Adesina, appealed to flour millers to guard against any act that would undermine the efforts of the Government to use the cassava flour bread to transform the economy.


The minister said that the success of the policy would not only save the country of up to N635bn yearly on Wheat import cost, but also help in creating jobs and improving the well-being of Nige-rian farmers amongst other benefits to the economy.


Federal Government announces new 65% levy on Wheat flour


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