The Federal Executive Council, FEC, on Monday approved a new import levy on Cost, Insurance, and Freight (CIF) that will be charged on imports coming into Nigeria.

The Minister of Finance, Zainab Ahmed, disclosed this while briefing State House Correspondents at the end of the weekly FEC meeting presided over by the Vice president, Yemi Osinbajo at the Council Chamber, Presidential Villa, Abuja.

Ahmed said the FEC approved a rate of 0.2 per cent as the new import levy on imports coming into Nigeria from AU countries.

She explained that there were some exceptions on goods originating outside the territory of member countries.

“The council approved a rate of 0.2% as a new import levy on Cost, Insurance, and Freight (CIF) that will be charged on imports coming into Nigeria but with some exceptions.

“The exceptions include goods originating from outside the territory of member countries that are coming into the country for consumption. It also includes goods coming in for aid.”