The Federal Government, in a bid to promote development in critical sectors of the economy , has approved a reduction in the import duties of 115 items in various sectors of the economy .

The approval was given by President Muhammadu Buhari as part of the fiscal policy measures of the Federal Government for the country .

The Minister of Finance , Mrs. Kemi Adeosun , while communicating the approval through a circular obtained by our correspondent in Abuja on Wednesday , said the move was in line with the provisions of the Economic Community of West African States ’ Common External Tariff .

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 , which is applicable to certain goods originating from non -ECOWAS member states .
It read in part , “ This is to confirm that His Excellency , Mr . President, has approved the 2016 fiscal policy measures made up of the supplementary protection measures for implementation together with the ECOWAS CET 2015 - 2019 with effect from 17 th of October, 2016 .

“Consequently , all transactions prior to the effective date of this circular shall be subjected to the tariff rates applicable before the coming into effect of this 2016 fiscal policy measures . ”
An analysis of the import adjustment tax list , which contains 173 items , shows that the Federal Government has given approval for the reduction of 26 of them , while it left the tariffs on 144 items unchanged .

However, the tariffs on three items contained in the import adjustment tax list were reviewed upwards .
For the national list consisting of 91 products, the circular stipulated that a downward review was approved for 89 items in order to encourage development in the real sector of the economy .

The items in the national list whose import duties were reduced from 10 per cent to five per cent are milk and cream ; tea ; fats of sheep or goat ; malt extract ; tomatoes prepared or preserved by vinegar; under natured ethyl alcohol for medical , pharmaceutical or scientific purpose ; petroleum oils and oils obtained from bitumen minerals other than crude .

Others are hypochlorites ; synthetic organic colouring matter ; grease for treatment of textile materials ; prepared glues and adhesives ; activated carbon ; picking preparations for metal surfaces ; organic composite solvents and thinners ; mixes alkylbenzenes ; and industrial monocarboxylic fatty acids.

In the same vein, the government also approved a reduction from 10 per cent to five per cent for tubes , pipes , hoses , sheets , foil , tape , polyethylene , paper and paper board , yarn , synthetic staple fibres , semi -finished products of iron or non - alloy steel , stranded wire ropes , and completely knocked down or unassembled for the assembly industry .

For items such as automatic circuit breakers , switches , lamp - holders , electrical apparatus for switching or protecting electrical circuits , the Federal Government gave an approval for the reduction of their import duties from 20 per cent to 10 per cent.

For machineries and equipment used in sectors such as agriculture , cement, hospitality , power , iron and steel , solid minerals , textile and aviation , the government, according to the circular , approved a zero import duty .

Before the approval , the import duties for machineries and equipment used in these sector were put at five per cent .

The circular also reinforced the ban placed on the importation of some items .

Some of them are refined vegetable oil , cocoa butter , spaghetti /noodles , fruit juice in retail packs , bagged cement, soaps and detergent , mosquito repellent coils , corrugated paper and paper boards , telephone recharge cards and vouchers , carpets and rugs , all types of footwear , bags and suitcases, and used motor vehicles above 15 years from year of manufacture.
The government also banned the importation of live or dead birds , waters , liquid dietary supplements and medicament such as paracetamol tablets and syrup , chloroquine tablets and syrup , among others.

http://punchng.com/fg-slashes-import-duties-115-items/

Ok

buhari shuld just go away.
he is a useless dullard

One good news from this Govt

Manufacturers! Over to you.
Opportunity have landed.

tit:
buhari shuld just go away.
he is a useless dullard

He is going nowhere until he completes his mandate.

Live with it

And please don't die of hate, if we decide to give him additional mandate after this one.

This is a good move, there are opportunities inherent in govt policies. It's time to properly study the policies of this govt and seek ways to benefit from it,instead of unnecessary wailings.

There are always ways to benefit from different govt policies no matter how strange they seem.

Those that came to rain curses on the FG/Buhari over that distorted story of increase in tarrif that Guardian earlier released, I hope you will equally make yourselves available to rain blessings and praises on the FG and Buhari for this duty reduction?


I call the story distorted as tokunbo car duty has been 35% since GEJ made it so in 2014. I wonder why Guardian was reporting again that duty of Tokunbo cars has been increased to 35%. . I don't understand at all.

Time for change

Govt go give you with right hand collect am back with left hand.

In Nigeria, price no dey ever come down, but I hope it would be different this time around.
I can see Buhari's Nairaland militants are already flooding this thread, get a life guys. .......

Nice

if you are reading this, I made an inappropriate post which didn't reflect the actual content of the News & my attention was drawn to my error.

so I stand corrected...

About time for some little good news

God of Abraham.... Please liberate this country...... Like for an Amen

Nigeria go better.

Many thought that the president was mad when he increase the import duties on some products. They were screaming, buhari will kill us, we can never buy antibiotics again o.

Guy, na buy force to buy BEECHAM? Abi dem no dey do antibiotics for Nigeria?

Ggg

Nice development

tit:
buhari shuld just go away.
he is a useless dullard

you remain one of the dullest in the world.

He's going nowhere!

ivandragon:
zero import duty on Cement?

did I just see/read zero import duty on CEMENT in that list?

cement that as at 2014, we were approaching self sufficiency on.

then they ban 'bagged cement'?

where are those nitwits that were praising the ban on some essential pharmaceutical products?

can they please come & clear up this contradiction of their twisted logic?

or is it going to be the usual "four legs good, two legs bad... four legs good, two legs better" chant?

They will pretend not to have seen it.

Zombies are brain-dead and incapable of thinking.

Govt of trial and error

Where are all the thieves? in the country this is your opportunity to reinvest our money back into our economy.

ivandragon:
zero import duty on Cement?

did I just see/read zero import duty on CEMENT in that list?

cement that as at 2014, we were approaching self sufficiency on.

then they ban 'bagged cement'?

where are those nitwits that were praising the ban on some essential pharmaceutical products?

can they please come & clear up this contradiction of their twisted logic?

or is it going to be the usual "four legs good, two legs bad... four legs good, two legs better" chant?

Zero import duty on machinery and equipment used in making cement.

Y is dis govt as confused as d rooster it self,3days ago we read d opposite, wat is their problem y ar they inconsistent? I nid an answer pls

Bros you didn't read the story very well. Bagged cement still remains banned.

ivandragon:
zero import duty on Cement?

did I just see/read zero import duty on CEMENT in that list?

cement that as at 2014, we were approaching self sufficiency on.

then they ban 'bagged cement'?

where are those nitwits that were praising the ban on some essential pharmaceutical products?

can they please come & clear up this contradiction of their twisted logic?

or is it going to be the usual "four legs good, two legs bad... four legs good, two legs better" chant?

Reduction in import duty and yet claiming buy naija to grow naija, who is fooling who?

Fake and incompetent finance minister

careytommy7:


They will pretend not to have seen it.

Zombies are brain-dead and incapable of thinking.

Self sufficient ni self sufficient ko please stop deceiving yourselves. How many cement factories do we have in this country? I don't know what some parts of your brain is made up of

Ban placed on importation of all types of footwear? What type of nonsense is this? Can't they just increase the tariff? Why must the government force us to wear locally made shoes at all cost? So, I can't decide how to spend my hard earned money again? Lord have mercy.

agabusta:


He is going nowhere until he completes his mandate.

Live with it

And please don't die of hate, if we decide to give him additional mandate after this one.

Suffering and Smiling zombie!

ivandragon:
zero import duty on Cement?

did I just see/read zero import duty on CEMENT in that list?

cement that as at 2014, we were approaching self sufficiency on.

then they ban 'bagged cement'?

where are those nitwits that were praising the ban on some essential pharmaceutical products?

can they please come & clear up this contradiction of their twisted logic?

or is it going to be the usual "four legs good, two legs bad... four legs good, two legs better" chant?

Read again and notice the bolded...

For machineries and equipment used in sectors such as agriculture , cement, hospitality , power , iron and steel , solid minerals , textile and aviation , the government, according to the circular, approved a zero import duty .


Let's criticise this government constructively, don't be blinded by hatred.