Tag: Import Duties

FG removes import duties on electric vehicles, transit buses

Aminu Imam
FG removes import duties

Federal Government has granted a waiver on import duties for electric vehicles and mass transit buses as measures to ease inflation caused by the ongoing Middle-East crisis on Nigerians and boost affordability. The development is contained in a statement in an 𝕏 post on Monday, by the Special Assistant to the President on Social Media, Dada Olusegun. Olusegun noted that the move was part of the new fiscal measures aimed at easing economic pressure on Nigerians and curbing inflationary pressures following the President’s directive to key economic officials. Olusegun said…

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FG suspends 4% FOB levy on imported goods

Aminu Imam
FG suspends levy

The Federal Government has suspended the newly-introduced free on board (FOB) levy collected by the Nigeria Customs Service (NCS) on imported goods with immediate effect. The directive, issued in a letter on Monday from Wale Edun, the Minister of Finance and corresponding chairman of the Nigeria Customs Service Board, was addressed to the Comptroller-General of the Nigeria Customs Service. It states that the suspension follows extensive consultations with stakeholders, including trade experts and government officials. According to the ministry, the 4% FOB charge presented “significant challenges to the Nigerian trade…

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Economic Hardship: Tinubu approves massive,freeimportation ofmajor food itemsto overcome highprices

Aminu Imam
President Tinubu approves

President Bola Tinubu has approved the duty-free importation of major food items like rice, beans and wheat, to cushion the impact of the high food prices Nigerians have been grappling with since he assumed office last year. According to a statement by the Presidents spokesperson, Bayo Onanuga, the measures will be implemented over the next 180 days. Onanuga, quoting Agriculture Minister, Abba Kyari, said President Tinubu approved a 150-Day Duty-Free Import Window for Food Commodities, including maize, husked brown rice, wheat and cowpeas. Nigerians have battled with high food prices…

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Import duty: FG grants 30 percent waiver on mass transit vehicles

Aminu Imam

President Muhammadu Buhari has approved a 30 percent import duty reduction on passenger transport vehicles into the country. In a circular issued by the headquarters of the Nigeria Customs Service (NCS) in Abuja, which conveyed the presidential directive, the import duty reprieve covers aviation engines and spare parts and takes immediate effect. According to the circular, signed by the NCS Deputy Comptroller-General, Trade and Tariff, T.M. Isa, signed on behalf of the NCS Comptroller-General, “the reduction followed the decision to prune applicable levies and duties on vehicles to mitigate rising…

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