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Nairaland Forum / Nairaland / General / Business / Government Raises Import Duties On Consumable, Luxury Goods (21443 Views)
List Of 115 Items To Enjoy FG Import Duties Cut / FG Slashes Import Duties On 115 Items / FG Raises Import Duties On Luxury Goods, Food Items That Have Local Alternatives (2) (3) (4)
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Re: Government Raises Import Duties On Consumable, Luxury Goods by abubakar23: 9:25am On Dec 29, 2016 |
they want to encourage local consumption yet they do not patronize it. shame on their change agenda 1 Like |
Re: Government Raises Import Duties On Consumable, Luxury Goods by DaudaAbu(m): 9:25am On Dec 29, 2016 |
Oh boy Eleyi gidi gan oooo |
Re: Government Raises Import Duties On Consumable, Luxury Goods by TeleboiZ005(m): 9:26am On Dec 29, 2016 |
J |
Re: Government Raises Import Duties On Consumable, Luxury Goods by jericco1(m): 9:26am On Dec 29, 2016 |
trade by barter policies... anyways |
Re: Government Raises Import Duties On Consumable, Luxury Goods by AloyalNigerian(m): 9:26am On Dec 29, 2016 |
Bravo. |
Re: Government Raises Import Duties On Consumable, Luxury Goods by Nobody: 9:26am On Dec 29, 2016 |
I just hope this won't backfire as seems to be the norm nowadays 1 Like |
Re: Government Raises Import Duties On Consumable, Luxury Goods by Nobody: 9:29am On Dec 29, 2016 |
jericco1: Where is there trade by barter? Did you even read the article? In the article, it is stated that there would be increase in tariffs on luxury items like cars and yachts, and decrease in tariffs on imports for industrial components....with the aim of encouraging more local production. Let us hope they are serious this time. 3 Likes |
Re: Government Raises Import Duties On Consumable, Luxury Goods by Nobody: 9:30am On Dec 29, 2016 |
[b]And i almost sold a car which i bought for 1.6m in 2014.. cutom cleared including shipping (honda accord 2009).. I heard the car sells for 3.2 as at december... nigerian used 2.2..... who know what january would hold? Anyways... Good news i guess....[/b] 1 Like |
Re: Government Raises Import Duties On Consumable, Luxury Goods by Nobody: 9:30am On Dec 29, 2016 |
This is good. Meanwhile that 2017 budget is a copy and paste job 1 Like |
Re: Government Raises Import Duties On Consumable, Luxury Goods by Nobody: 9:30am On Dec 29, 2016 |
countbands: That is the harsh bit. But....there is a reduction in tariffs for import of industrial components, which may help local pharmaceutical companies to meet up demand. 1 Like |
Re: Government Raises Import Duties On Consumable, Luxury Goods by dayleke: 9:32am On Dec 29, 2016 |
It is well na.... |
Re: Government Raises Import Duties On Consumable, Luxury Goods by agrovick(m): 9:32am On Dec 29, 2016 |
The real deal is spending these revenues on world class infrastructures, because this government that has budgeted 100M for kitchen utensils can not be trusted. |
Re: Government Raises Import Duties On Consumable, Luxury Goods by chronique(m): 9:33am On Dec 29, 2016 |
The problem I have with this local production mantra, is that it encourages people to produce all manner of junks and substandard goods. I drank a locally produced wine on the 26th of december, and it tasted like diluted treetop. I know a lot of younger folks might not know what treetop is. It used to be one of the favorite drinks/juice for kids, way back in the 80's. Imagine an adult drinking such in place of wine? I had to stop using Irish spring in bathing after they banned the imported ones cos the locally produced one, is all soda, and burns my skin. I now use dudu osun at all cost. 5 Likes |
Re: Government Raises Import Duties On Consumable, Luxury Goods by jericco1(m): 9:36am On Dec 29, 2016 |
9jakohai: my brother no be today. you see i like what they're doing regarding the rice okay? but the thing is government policies aren't sustainable |
Re: Government Raises Import Duties On Consumable, Luxury Goods by Nobody: 9:38am On Dec 29, 2016 |
NAwa for changi |
Re: Government Raises Import Duties On Consumable, Luxury Goods by crisycent: 9:39am On Dec 29, 2016 |
9jakohai: When you "suddenly" increase duty on everything, what happens to the common man? As for local production, how has that worked? Look at rice for example. The scam of a lake rice is selling more than what we purchased foreign rice last year. Do we even have the power to power the industries we have here? How many industries do we have left? Do you think by doing this industries will just soring up like grass? What about standard? Can local production compete with foreign standard? Apart from farming, what else can Nigerians do? The technology is not there, nothing!!! It is okay for the FG to spend 100m on kitchen utensils that they will import from outside the country and they get a waiver and don't pay duty on it but the common man cannot. 2 Likes |
Re: Government Raises Import Duties On Consumable, Luxury Goods by Nobody: 9:43am On Dec 29, 2016 |
crisycent: I guess we can regard the measures as the government putting pressure on itself to do the needful.....by making sure power is improved as well as transport. And yes, we do need to change our economic policy. The reason why we have issues with our economy from independence is because we rely too much on income from selling crops and minerals.That is not the road to prosperity. And imported goods prices are going to go higher because we do not have the forex to buy them....duties or not. I just hope the government policy works this time. 1 Like |
Re: Government Raises Import Duties On Consumable, Luxury Goods by OlaSpeaker(m): 9:45am On Dec 29, 2016 |
countbands:if they don't when will our local pharmaceuticals grow |
Re: Government Raises Import Duties On Consumable, Luxury Goods by texazzpete(m): 9:45am On Dec 29, 2016 |
Utterly disgraceful government. Since when did an SUV become a 'luxury item'? Why raise tariffs on imported vehicles when there's not enough local production to meet the needs of even the smallest state in Nigeria ? Nonsense. 1 Like |
Re: Government Raises Import Duties On Consumable, Luxury Goods by texazzpete(m): 9:46am On Dec 29, 2016 |
OlaSpeaker: Let them sort out the reasons why locally produced items are even more pricey than intems shipped in. Ideally locally made should be cheaper and market forces would work properly. But this isn't the case. 1 Like |
Re: Government Raises Import Duties On Consumable, Luxury Goods by OlaSpeaker(m): 9:47am On Dec 29, 2016 |
crisycent:what will this government ever do to satisfy your kind 2 Likes |
Re: Government Raises Import Duties On Consumable, Luxury Goods by Tomasboy(m): 9:48am On Dec 29, 2016 |
9jakohai:You're seconded. . . You copied all the information I wanna shared on this from my mind like copy and paste 1 Like |
Re: Government Raises Import Duties On Consumable, Luxury Goods by Nobody: 9:50am On Dec 29, 2016 |
texazzpete: Why raise tariffs? Because right now, we do not have enough forex. And if we start throwing away forex in the name of imports, we might end up being like Zimbabwe. Yes, GEJ did not do that because oil prices were high, and we had enough forex to do what we wanted to do. Now the oil prices are low...and we do not have the freedom to do what we want to do like before.The seven fat years are over, the seven lean years have started. And if you read the article, you would have seen the bit where government is planning to reduce tariffs on industrial components. That would help local industries well well.(Speaking of cars, they should also do what Innoson suggested, and reduce tariffs on things like engines and other components.). Better still would be govt improving public transport like railways, and waterways...so that we rely less on cars.That reduces the demand for cars. I don't even mind them taking a loan for that. And let's be frank. This our economic policy since independence where we earn forex from selling raw materials, and use the kudi to import our needs has to change. We cannot continue like that forever. This goes beyond politics, and into the realm of common sense.We have to do everything right now to earn forex for this country at a rate higher than how we spend it. 4 Likes |
Re: Government Raises Import Duties On Consumable, Luxury Goods by OlaSpeaker(m): 9:54am On Dec 29, 2016 |
texazzpete:what you should have said is government should regulate price and not saying otherwise |
Re: Government Raises Import Duties On Consumable, Luxury Goods by Larrykaysail(m): 10:02am On Dec 29, 2016 |
Truth234: Am feeling the pain from Yankee, this government is wicked, just looking for a way to money 1 Like |
Re: Government Raises Import Duties On Consumable, Luxury Goods by KidsNEXTdoor: 10:05am On Dec 29, 2016 |
Atiku2019: Which local production are u talking about |
Re: Government Raises Import Duties On Consumable, Luxury Goods by karid(m): 10:06am On Dec 29, 2016 |
Good one this was my expectations not that of dollar rise we can't produce somethings but some with time we can fashola u have being challenged make sure the power supply is steady to reduce cost of production 1 Like |
Re: Government Raises Import Duties On Consumable, Luxury Goods by seguno2: 10:12am On Dec 29, 2016 |
This is a nice one from our president. |
Re: Government Raises Import Duties On Consumable, Luxury Goods by Exponental(m): 10:18am On Dec 29, 2016 |
Good plans bad timing. No palliatives, no nothing! 1 Like |
Re: Government Raises Import Duties On Consumable, Luxury Goods by seguno2: 10:20am On Dec 29, 2016 |
Let us hope that Buhari will not spoil everything by giving import duty WAIVERS to his cabal. That is how he gave heavily DISCOUNTED foreign exchange rate to Dangote making him a mega monopolist. 1 Like |
Re: Government Raises Import Duties On Consumable, Luxury Goods by texazzpete(m): 10:23am On Dec 29, 2016 |
9jakohai: Government can reduce the demand on our Forex by fixing the damn refineries. Oh, I forgot. That requires the Government to actually govern properly. They can also cut loopholes by trimming our over bloated budget. But they'd rather pass the cost on to the citizenry. The Nigerian out there works hard, round the clock. Pays taxes. And despite that, the Nigerian state fails to fix roads, provide power and adequate security. So the Nigerian out there has to provide these things on his own, costing him much needed cash. Then on top of that, insult is added to injury by the FG forcing the price of vehicles upwards. Isn't that double jeopardy? Handing over brand new cars to former presidents and politician flunkies while making it impossible for a civil seevabt to buy any car made in the last 5 years! Thank you for taking the time to type out long term solutions like railways or water transport. Thank you for your blind optimism about an industrial revolution in NIGERIA, but that is not supported by historical performance. We need more money as a nation, but not at the expense of the regular joe. 3 Likes 1 Share |
Re: Government Raises Import Duties On Consumable, Luxury Goods by UncleJudax(m): 10:24am On Dec 29, 2016 |
Sunnycliff:Raise funds for the poor masses? You must be understudying a comedian at the moment. Good one! 2 Likes |
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