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| Kemi Adeosun, Minister of finance |
The federal government of Nigeria has reduced import duties on more than 89 items in various sectors of the nation’s economy.
The government said the reduction, approved by President Muhammadu Buhari, is to promote development in critical sectors of the economy, and is part of its 2016 Fiscal Policy Measures.
A circular issued by the Ministry of Finance on Friday said the measures supersede the 2015 Fiscal Policy Measures.
According to the circular signed by finance minister, Kemi Adeosun, the directive was made up of the Supplementary Protection Measures (SPM) for implementation together with the ECOWAS CET 2015 – 2019.
The minister explained that the ECOWAS CET, which will cover the 2017 to 2019 fiscal periods, is composed of three categories made up of an Import Adjustment Tax list of 173 tariff lines, a national list consisting of 91 items and an import prohibition list of 25 items, which is applicable to certain goods originating from non-ECOWAS member states.
An analysis of the national list consisting of 91 items shows a downward review was approved for 89 items.
The items in the national list whose import duties were reduced from 10 per cent to five per cent are tea; milk and cream; tomatoes prepared or preserved by vinegar; under natured ethyl alcohol for medical, pharmaceutical or scientific purpose; hypochlorites; synthetic organic colouring matter; grease for treatment of textile materials; prepared glues and adhesives.
Other products are organic composite solvents and thinners; mixes alkylbenzenes; industrial monocarboxylic fatty acids activated carbon fats of sheep or goat; malt extract; petroleum oils and oils obtained from bitumen minerals other than crude.
Culled from Premium Times
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