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Wheat importation: FG imposes 65% levy
The Federal Government has rolled new fiscal policies aimed at encouraging the consumption of cassava bread as it imposes an additional 65 per cent levy on importation of wheat flour. Also, the government introduced the establishment of Cassava Bread Development Fund in the country.
The Coordinating Minister for the Economy, Dr Ngozi Okonjo-Iweala, disclosed this at a parley with flour millers and master bakers in Abuja. She said the additional levy would also be paid with the 35 per cent duty on the commodity in line with the approved 2012 budgetary provision which becomes effective this month.Dr Okonjo Iweala also announced the slash down of tariffs on cassava enhancing enzymes from 10 per cent to zero per cent effective from Sunday, 15th July this year.
The minister, restating government’s commitment to ensure the success of the cassava flour bread agenda in view of its far-reaching benefits to the economy, said in order to strengthen 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.
She said the money to operate the Fund would be sourced from the newly imposed 65 levy on wheat imports and would be managed at first instance by the Ministers of Finance, Agriculture, Trade and Investment, Science and Technology and the Director-General of the Budget Office. “Substantial part of the fund will be committed to training of the over 400,000 master bakers scattered across the country, encouraging the decentralisation of the baking industry and also support them in understanding the operations of the new modular technologies that will be acquired to boost cassava flour processing as the implementation of the cassava bread is sustained.”
According to her, “The wheat flour Which used to attract a duty rate of 35 per cent with no levy will, with 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 which has now kicked off. So, that is where we are.”Share