FG tightens noose on importation of wheat flour •As FEC approves PIB, to forward it to Senate

THE Federal Government, on Wednesday, rolled out new fiscal policies aimed at encoura-ging the consumption of cassava bread, as it imposes an additional 65 per cent levy on impor-tation of wheat flourAdditionally, the gover-nment introduced the establishment of Cassava Bread Development Fund in the country.

The Coordinating Mini-ster for the Economy, Dr Ngozi Okonjo-Iweala, dis-closed 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 became effective this month.

Okonjo-Iweala also announced the slash in tariffs on cassava enhancing enzymes from 10 per cent to zero per cent, effective from July 15.

The Minister of Agricul-ture and Rural develop-ment, Dr Akinwumi Adesi-na, appealed to flour millers against any act that would undermine the efforts of the government to use the cassava flour bread to transform the economy.

Also, the Federal Executive Council (FEC) approved the new Petroleum Industry Bill (PIB), which President Goodluck Jona-than is now expected to forward to the National Assembly for consideration and possible approval.

The Minister of Information, Mr Labaran Maku, who briefed State House correspondents alongside Dr Okonjo-Iweala and the Minister of Petroleum Resources, Mrs Deziani Allison-Maduekwe, at the end of the council meeting, said the objective of the PIB was to make the petroleum industry more competitive.

He said it would ensure accountability within the industry and revolutionary changes, which include the unbundling of the Nigerian National Petroleum Corporation (NNPC) into several companies.

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