FG approves 0.2% as new import levy
.Says excess revenue is for budget financing
By Joel ThankGod (Financial Business,Abuja)
The Federal Executive Council, FEC, has approved 0.2 per cent, as the new import levy on Cost Insurance and Freight, CIF, for goods coming into the country.
The approval was given yesterday, as the Minister of Finance, Zainab Ahmed, made the declaration while addressing news men, after the FEC meeting, presided over by Vice President Yemi Osinbajo, at the Presidential Villa, Abuja.
According to her, “The Council has approved the rate of 0.2 per cent, as the new import levy on CIF to be charged on imports coming to Nigeria but with some exceptions”.
She added, “If there is any excess left from that revenue, it will be used to finance the budget and other capital projects in the country”.