As the Federal Government commences the disposal of assets confiscated from past government officials, Minister of Finance, Kemi Adeosun has disclosed that the price of just a single piece of seized jewellery is enough to buy a house.

She also disclosed that the Federal Government would reduce import duties on used vehicles that come in from neighbouring countries.
Speaking at a media parley in Abuja on Friday, Adeosun, who declined to give details about the identities of those who forfeited the jewellery, however, said her ministry had now been given the mandate to manage the recovered assets.
The Economic and Financial Crimes Commission (EFCC) some time ago disclosed that its operatives seized jewellery worth billions from the home of a former minister in Abuja.

She said that so far, she has released over N400 billion for capital projects since May when the 2016 budget became operative and another N60 billion was going to be released by Friday evening.
According to her, the present administration was taking giant steps towards expanding the economy but that there is always a delay between policy formulation stage and the time that its effect would be felt in an economy.

For instance, Adeosun disclosed that work on the international wing of Nnamdi Azikiwe International Airport which was suspended due to paucity of funds, N4.5 billion counterpart funding has been paid to the contractors.
Speaking on revenue and expenditure, the minister explained that of the N1.5 trillion projected independent revenue for the Federal Government in 2016, about N200 billion has been collected but gave the assurance that innovative methods are being deployed to meet the target before the end of the year.
This, she said, would include reduction in import tariff on used vehicles (Tokunbo) being imported into neighbouring countries but smuggled into Nigeria.

Government discovered that import duty in one of those countries was just 10 percent while it is 30 percent in Nigeria and this has encouraged smuggling with the attendant loss of revenue.
Presently, Adeosun said a committee was working to review this high tariff as a way of discouraging smuggling and consequently improving revenue.
But, some other taxes, which she described as colonial rates, will be jerked up to reflect present realities.

She lamented that over that over the years, successive governments neglected to invest in massive infrastructure but concentrated on recurrent expenditure such that the monthly wage bill of the Federal Government is currently N165 billion per month, which is sufficient to fix the Lagos-Ibadan Expressway.

http://thenigerialawyer.com/duties-on-tokunbo-cars-to-be-reduced-says-kemi-adeosun/

Miss Minister Inflicting Pain and hardship on Nigerians all because you want to raise revenue?

I don't understand her kind of economics, increasing tariff discourage importation which means many jobs will be lost. Grimaldi has sacked almost 80% of their drivers because few people still import Cars.

High Tariff means low revenue. Why not reduce tariff to encourage importation so you can generate more revenue since we can't manufacture Cars in Nigeria for now.

Watching this administration with 3D

calculusx:
Miss Minister Inflicting Pain and hardship on Nigerians all because you want to raise revenue?

I don't understand her kind of economics, increasing tariff discourage importation which means many jobs will be lost. Grimaldi has sacked almost 80% of their drivers because few people still import Cars.

High Tariff means low revenue. Why not reduce tariff to encourage importation so you can generate more revenue since we can't manufacture Cars in Nigeria for now.

Watching this administration with 3D

I thought she said they are reducing import duty.

[s]

calculusx:
Miss Minister Inflicting Pain and hardship on Nigerians all because you want to raise revenue?

I don't understand her kind of economics, increasing tariff discourage importation which means many jobs will be lost. Grimaldi has sacked almost 80% of their drivers because few people still import Cars.

High Tariff means low revenue. Why not reduce tariff to encourage importation so you can generate more revenue since we can't manufacture Cars in Nigeria for now.

Watching this administration with 3D

[/s]

Dude just learn to Read and Comprehend

jarkbauer:

I thought she said they are reducing import duty.

When>

vedaxcool:
[s][/s]
Dude just learn to Read and Comprehend

You are not in importation biz so you may not know how bad things are. Tariff was increased twice in 6 weeks on the order of minister of finance. so many smes are no longer in business because of high forex rate.

calculusx:


You are not in importation biz so you may not know how bad things are. Tariff was increased twice in 6 weeks on the order of minister of finance. so many smes are no longer in business because of high forex rate.

And this happened only to you?

calculusx:


You are not in importation biz so you may not know how bad things are. Tariff was increased twice in 6 weeks on the order of minister of finance. so many smes are no longer in business because of high forex rate.

Did you read the news before vomiting those words. Someone is even trying correct you are speaking gilberish ...

Learn to read and comprehend issues at hand

I will like to see a reduction on custom duty on tokunbo vehicles and containers by 30%. If dat happens I will treck from Aachen to Venlo with a sai baba banner.

calculusx:
[s]Miss Minister Inflicting Pain and hardship on Nigerians all because you want to raise revenue?

I don't understand her kind of economics, increasing tariff discourage importation which means many jobs will be lost. Grimaldi has sacked almost 80% of their drivers because few people still import Cars.

High Tariff means low revenue. Why not reduce tariff to encourage importation so you can generate more revenue since we can't manufacture Cars in Nigeria for now.

Watching this administration with 3D[/s]

Trash!

Next time, make sure you read and understand before commenting.

princemillla:

Did you read the news before vomiting those words. Someone is even trying correct you are speaking gilberish ...
Learn to read and comprehend issues at hand

What she is trying to do is campaign after election. Damage has been done already before she realized her mistake. What will happen to those that cleared their goods at the rate of N313 to a $ and are yet to sell them. Lets see what they will reduce the tariff to before celebrating. No too much talk before they will come and knock on my door I don't have any goat ooo

& yet, we want our local industry to grow...

tomorrow they will come & scream how we need to buy local. we have 14 vehicle assembly plants. rather than improve infrastructure to make the cost of business cheaper and encourage them to move to full production, you want to encourage the same problem that has stunted our manufacturing sector...

Why can't they subsidize new cars abi masses head no climb brand new cars?


It's a good start anyways

seunmsg:


Trash!

Next time, make sure you read and understand before commenting.

Did u read and comprehend it yourself? It said reducing tarriffs for vehicles coming in from neighboring countries- ie ECOWAS countries
But 90% of cars coming into Naija are shipped from EU and US ports!

Lots of smart response here on politically in economicsland they will beg you to import cars so they can get some money and Republic of Benin will reduce their duty too to stay afloat. This is business

vedaxcool:


And this happened only to you?

She didn't say import duties will be streamlined, she said boarder duties for cars alone will be reduced.

Read too

"But, some other taxes, which she described as colonial rates, will be jerked up to reflect present realities."

Put one tariff down, bring 10 up. Confused policies up and down. Mschew

Shoki

Reduce the one for Rice too na....

Story for d gods

Hope it comes soon. Imagine paying 300k for Import Duty on 2010 Honda Accord. Damn expensive.

Abeg who can help me negotiate a better deal.

Clap for yourself.... Weldone!

What's tha business?

Only cars for ECOWAS countries? ??


Trial by error policies everyday

Government of confusion

Say one truth today, denied it tomorrow

RIP Innoson

princemillla:


Did you read the news before vomiting those words. Someone is even trying correct you are speaking gilberish ...

Learn to read and comprehend issues at hand

So what was it he said that was wrong ?
Cos from what he said there was nothing wrong

calculusx:
Miss Minister Inflicting Pain and hardship on Nigerians all because you want to raise revenue?

I don't understand her kind of economics, increasing tariff discourage importation which means many jobs will be lost. Grimaldi has sacked almost 80% of their drivers because few people still import Cars.

High Tariff means low revenue. Why not reduce tariff to encourage importation so you can generate more revenue since we can't manufacture Cars in Nigeria for now.

Watching this administration with 3D

Guy, you wear bra for eye? Ur garri don dey too much dis days o!

jarkbauer:




I thought she said they are reducing import duty.

Comprehension wahala! Some idiiots don already get wetin them want talk. It doesn't matter the content or context of the message.

Dollar still make am cost abeg

Nigeria dont have stable policy and that is why investors ran away.
When we are encouraging motor companies to come and build their plants here and at the same time encouraging tokunbo to flood d market.
One step forward ten steps backward.