Business Buhari Approves New Import Tariffs On Luxury Goods, Food Items

[ProfRem]

President Muhammadu Buhari-led federal government has approved new import duties on luxury goods such as yachts and sport utility vehicles (SUVs), and some food items imported into the country.

The increase contained in a circular issued by the Minister of Finance, Mrs. Kemi Adeosun to the Nigeria Customs Service.

Also affected food items are those that have local alternatives such as rice, salt and sugarcane, alcoholic spirit, beverages.

Import duty for sugar cane and salt will go from 10 per cent to 70 per cent; alcoholic spirit, beverages and tobacco from 20 per cent to 60 per cent; and rice from 10 per cent to 60 per cent.



Also included on the list are packaged cement, from 10 per cent to 50 per cent; cotton/ fabrics materials, from 35 per cent to 45 per cent; and used cars popular known as Tokunbo, from 10 per cent to 35 per cent respectively.

Medicaments such as anti-malarials and antibiotics; crude palm oil; wheat flour; tomatoes paste; and cassava products are also affected in the upward review of duties. But essential industrial sector accessories, including bolt, industrial oil and other equipment are to enjoy a downward review to spur local industrialisation.

 

[LequteMan]

W0W.

 

[LequteMan]

I hope this won't backfire

 

[ProfRem]

I hope this won't backfire

The effect is already out there Bro. Increase in those items. An economy that can not sustain itself in local commodities.

 

[LequteMan]

The effect is already out there Bro. Increase in those items. An economy that can not sustain itself in local commodities.

Can you elaborate, sir?

 

[ProfRem]

Can you elaborate, sir?

Raising import tax on food items will skyrock the prices at markets. The govts' policy stated that goods that can be subsitututed with locally make goods but we have not reach the level of self sufficiency in food production.

Hence, price of local goods will increase as a result of demands as supply is cut short through high import duties.

Any imported goods will also skyrock in price.

Another bad policy I see at the beginning of the new year from our government.

 

[LequteMan]

But there seem to be a little success in the local production of those products concerned. @RemmyAlex

 

[ProfRem]

But there seem to be a little success in the local production of those products concerned. @RemmyAlex

There seems to be success on Paper Bro. What happened to the Lake rice? It can't sustain only a local government in Lagos not to talk of Kebbi.

Where is CBN Anchors' programme that was projected to feed Nigeria out of projected January famine?

Find out year on year price of rice in the market as at today.

'Mak dem no deceive us jare'. Lol