The Federal Executive Council (FEC) on Monday approved the
rate of 0.2 per cent as the new import levy of Cost, Insurance and Freight
(CIF) on goods coming into Nigeria.
The Minister of Finance, Mrs Zainab Ahmed, disclosed this
while addressing the State House correspondents after the FEC meeting presided
over by Vice President Yemi Osinbajo at the Presidential Villa.
She said, however, there were exemptions to the new levy.
“Council approval a rate of 0.2 per cent as the new import
levy of CIF that will be charged on imports coming to 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 that are coming for aid and also it
includes goods that are originating from non-member countries but are imported
through specific financing agreement that ask for such kind of exemptions.
“It also exempts goods that have been ordered and are under
importation process before the scheme is announced into effect.
According to her, the purpose of the new levy is to enable
African Union (AU) members pay on a sustainable basis, their subscription to
the AU.
Ahmed said that Nigeria knowing that what would accrue from
the new levy would be more than what was required as subscription to the AU,
that the balance would be put in a special account.
She said that the special account would be used to finance
subscriptions in multilateral organisations such as the World Bank, African
Development Bank (AfDB), the Islamic Development Bank, and institutions like
that.
The minister said that if there was any excess left from
that revenue pool, it would be used to finance the budget.
She said the second approval was for the setting up of the
Steering Committee to be chaired by the vice president for the design and
implementation of a National Single Window.
“The National Single Window is a web portal that will be
able to integrate all the government agencies that are implementers in the port
system or trading in the port system.
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